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 103 million common shares, $1 par per share. Retained Earnings ($ in millions) 98 Beginning balance Retirement of 3 million common shares for $27 6 million 82 Net income for the year Declaration and payment of a $0.30 per share cash 30 dividend Declaration and distribution of a 24 4% stock dividend 120 Ending balance Required: 1. From the information provided by the account changes, you should be able to recreate the transactions that affected Brenner-Jude's retained earnings during 2021. Prepare the journal entries that Brenner-Jude must have recorded during the year for these transactions. (Hint: In lieu of revenues and expenses, use an account titled "Income summary" to close net income or net loss.) View transaction list X > 1 Record the retirement of common shares. 2 Record the closing entry for net income. 3 Record the declaration and payment of a cash dividend. 4 Record the declaration and distribution of a stock dividend. Credit Note : journal entry has been entered Record entry View general journal