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Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2021. At January 1, 2021, the corporation had outstanding
Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2021. At January 1, 2021, the corporation had outstanding 105.00 million common shares $1.0 par per share. Retained Earnings ($ in millions) 110 Beginning balance 4.00 Retirement of 5.0 million common shares for $38.0 m 111on 84 Set income for the year 40.00 Declaration and payment of a $0.40 per share cash dividend Declaration and distribution of a 48 stock dividend 33.00 117.00 Ending balance Required: 1. Prepare the journal entries to record the transactions that affected Brenner-Jude's retained earnings during 2021 based on the information provided. 2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the transactions that affected Brenner-Jude's retained earnings during 2021 based on the information provided. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) View transaction list 1 Record retirement of common shares. 2 Record closing entry of net income to retained earnings 3 Record declaration and payment of a $0.40 per share cash dividend. 4 Record declaration of stock dividend Required: 1. Prepare the journal entries to record the transactions that affected Brenner-Jude's retained earnings during 2021 based on the information provided. 2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a statement of retained earnings for Brenner-Jude for the year ended 2021. (Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) BRENNER-JUDE CORPORATION Statement of Retained Earnings For the Year Ended December 31, 2021 ($ in millions) Balance at January 1 Deductions: Balance at December 31
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