Problem $18-4($Algo$)$ Statement of retained earnings; financial statement effects $[$LO$18-5,18-7]16$

$5\mathrm{.}55$

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$\backslash$table$[[$j$,3,2025,$Common stock,$],[,,$Paid$-$in capital $-$ excess of par,$],[,,$Cash,$],[$j$,4,2025,$Retained earnings,$],[,,$Cash dividends payable,$],[$j$,5,2025,$Cash dividends payable,$],[,,$Cash,$],[\backslash$gamma $,6,2026,$Income summary,$],[,,$Retained earnings,$],[$j$,7,2026,$Cash dividends payable,$],[,,$Cash,$],[$i$,8,2026,$Retained earnings,$],[,,$Cash dividends payable,$],[\backslash$gamma $,9,2026,$Cash dividends payable,$],[,,$Cash,$]]$

At December $31,2023,$ common shares consisted of the following:

Common stock, $1,955,000$ shares at $$1$ par

Paid$-$in capital$-$excess of par

Required:

Infer from the reports the events and transactions that affected Renn$-$Dever Corporation's retained earnings during $2024,2025,$ and

Prepare the journal entries that reflect those events and transactions. $($Hint: In lieu of revenues and expenses, use an account

titled "Income summary" to close net income or net loss.$)$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.