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 106.00 million common shares, $1.0 par per share.

Retained Earnings ($ in millions)
		86	Beginning balance
Retirement of 6.0 million common shares for $27.0 million	2.90
		73	Net income for the year
Declaration and payment of a $0.28 per share cash dividend	28.00
Declaration and distribution of a 6% stock dividend	24.00
		104.10	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.

req1. journal entry

1.Record retirement of common shares.

2.Record closing entry of net income to retained earnings

3.Record declaration and payment of a $0.28 per share cash dividend.

4.Record declaration of stock dividend

req 2.Prepare a statement of retained earnings for Brenner-Jude for the year ended 2021