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, 2016 ($ in millions)
Retained earnings, January 1		$ 300
Add:	Net income	50
Deduct:	Cash dividend	(23		)
	Stock dividend (1 million shares of $1 par common stock)	(30		)
	Property dividend (Garfield Company preferred stock held
	as a short-term investment)	(28		)
	Sale of treasury stock (cost $63 million)	(11		)
Retained earnings, December 31		$ 258
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.