Question: I need help with my accounting homework. HELP PLEASE Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during

I need help with my accounting homework. HELP PLEASE

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 110 million common shares, $1 par per share. Retained Earnings ($ in millions) 105 Retirement of 10 million common shares for Beginning balance $34 million 3 89 Declaration and payment of a $0.37 per Net income for the year share cash dividend 37 Declaration and distribution of a 5% stock dividend 37 117 Ending balance Required: 1. From the information provided by the account changes, you should be able to recreate the transactions that affected Brenner-Jude's retained earnings during 2021. Prepare the journal entries that Brenner-Jude must have recorded during the year for these transactions. (Hint: In lieu of revenues and expenses, use an account titled "Income summary" to close net income or net loss.) 2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2021. Complete this question by entering your answers in the tabs below
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