Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2024. On January 1, 2024, the corporation had outstanding 108 million common shares, $1 par per share. Debit Retained Earnings ($ in millions) Retirement of 8 million common shares for $39 million Declaration and payment of a $0.36 per share cash dividend Declaration and distribution of a 4 stock dividend Required: Credit 3 110 36 99 Beginning balance Net income for the year 26 144 Ending balance 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 2024. 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 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 From the information provided by the account changes, you should be able to recreate the transactions that affected Brenner-Jude's retained earnings during 2024. 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.) Note: 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 < 2 3 4 Record the retirement of common shares. Note: Enter debits before credits. Event General Journal Debit Credit 1 Common stock 8 Paid-in capital-excess of par Retained earnings Record entry Clear entry View general journal Book Print erences Journal entry worksheet < 2 3 Record the closing entry for net income. Note: Enter debits before credits. Event 2 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 Record the declaration and payment of a cash dividend. Note: Enter debits before credits. Event 3 General Journal Debit Credit Record entry Clear entry View general journal > k Journal entry worksheet < 1 2 3 nces Record the declaration and distribution of a stock dividend. Note: Enter debits before credits. Event 4 General Journal Debit Credit Record entry Clear entry View general Journal eBook Print References Prepare a statement of retained earnings for Brenner-Jude for the year ended 2024. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). BRENNER-JUDE CORPORATION Statement of Retained Earnings FOR THE YEAR ENDED DECEMBER 31, 2024 ($ in millions) Balance at January 1 Net income for the year Deductions: Cash dividends Stock dividend Balance at December 31 $ 110 99