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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 106 million common shares, $1 par per share. 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.) 2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2021. 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Show less A Journal entry worksheet Record the retirement of common shares. Note: Enter debits before credits. Journal entry worksheet Record the closing entry for net income. Note: Enter debits before credits. Journal entry worksheet 1 Record the declaration and payment of a cash dividend. Note: Enter debits before credits. Journal entry worksheet 1 Record the declaration and distribution of a stock dividend. Note: Enter debits before credits. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2021. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
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