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 $265 Add: Net income 79 Deduct: Cash dividend (23) (7) Stock dividend (1 million shares of $1 par common stock) Property dividend (Garfield Company preferred stock held as a short-term investment) (24) (13) Sale of treasury stock (cost $47 million) Retained earnings, December 31 $277 Required: For the transactions that affected Larson's 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).) View transaction list X: > 1 Record the closing entry of net income to retained earnings. Record the payment of the cash dividend. th issuance of the stock dividend. 4 Record the issuance of the property dividend. Credit 5 Record the sale of treasury shares. 2. 3.