Pre Class Quiz Saved Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2021. A! January 1, 2021, the corporation had outstanding 107 million common shares, $1 par per share. Beginning balance Net incone for the year Retained Earnings ($ in millions) 109 Retirement of 7 million common shares for 2. $38 million 98 Declaration and payment of a $0.35 per share cash dividend 35 Declaration and distribution of a 25 68 stock dividend 145 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. Required 1 Required 2 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 (if no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (lie. 10,000,000 should be entered as 10).) ch Prey 1 of 1 !!! Next Journal entry worksheet