The statement of retained earnings of Gary Larson Publishers is presented below.

GARY LARSON PUBLISHERS Statement of Retained Earnings For the Year Ended December 31, 2021 ($ in millions)
Retained earnings, January 1		$	245
Add:	Net income		61
Deduct:	Cash dividend		(10	)
	Stock dividend (1 million shares of $1 par common stock)		(20	)
	Property dividend (Garfield Company preferred stock held as a short-term investment)		(17	)
	Sale of treasury stock (cost $42 million)		(9	)
Retained earnings, December 31		$	250

Required: For the transactions that affected Larsons retained earnings, reconstruct the journal entries that can be used to determine cash flows to be reported in a statement of cash flows. (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).)

journal entry

1. Record the closing entry of net income to retained earnings.

2.Record the payment of the cash dividend.

3.Record the issuance of the stock dividend.

4.Record the issuance of the property dividend.

5.Record the sale of treasury shares.