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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 100.00 million common shares, $1.0 par per share. Retained Earnings ($ in millions) 102 Beginning balance 3.60 Retirement of 5.0 million common shares for $34.0 million 80 Net income for the year 34.20 Declaration and payment of a $0.36 per share cash dividend Declaration and distribution of a 2% stock dividend 26.90 117.30 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. Journal entry worksheet
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