Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2021. At January 1, 2021, the corporation had outstanding 95.00 million common shares, $2.0 par per share. Retained Earnings ($ in millions) 88 Beginning balance Retirement of 5.0 million common shares for $28.5 million 3.00 74 Net income for the year Declaration and payment of a $0.29 per share cash dividend 26.10 Declaration and distribution of a 4% stock dividend 26.20 106.70 Ending balance Required: 1. Prepare the journal entries to record the transactions that affected Brenner-Jude's retained earnings during 2021 based on the information provided. 2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2021.
