Shown below in T$-$account format are the changes affecting the retained earnings of Brenner$-$Jude Corporation during $2024.$ On January $1,2024,$ the corporation had outstanding $107$ million common shares, $$1$ par per share.

Retained Earnings $($$ in millions$)$

Debit Credit

Retirement of $7$ million common shares for $$31$ million $5102$ Beginning balance

Declaration and payment of a $$0\mathrm{.}34$ per share cash dividend $3486$ Net income for the year

Declaration and distribution of a

$5\%$ stock dividend $32$

$117$ Ending balance

Required:

From the information provided by the account changes, you should be able to recreate the transactions that affected Brenner$-$Jude$$s retained earnings during $2024.$ Prepare the journal entries that Brenner$-$Jude must have recorded during the year for these transactions. $($Hint: In lieu of revenues and expenses, use an account titled $$Income summary$$ to close net income or net loss.$)$

Prepare a statement of retained earnings for Brenner$-$Jude for the year ended $2024.$

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