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, 2024
($ in millions)
Retained earnings, January 1		$ 265
Add:	Net income	79
Deduct:	Cash dividend	(23)
	Stock dividend (1 million shares of $1 par common stock)	(7)
	Property dividend (Garfield Company preferred stock held as a short-term investment)	(24)
	Sale of treasury stock (cost $47 million)	(13)
Retained earnings, December 31		$ 277

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.

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).

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.