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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 94.00 million common shares, $3.0 par per share.
Retained Earnings ($ in millions) | |||
78 | Beginning balance | ||
Retirement of 4.0 million common shares for $23.0 million | 2.50 | ||
69 | Net income for the year | ||
Declaration and payment of a $0.25 per share cash dividend | 22.50 | ||
Declaration and distribution of a 4% stock dividend | 24.80 | ||
97.20 | 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.
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