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.

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 $2024.$

Complete this question by entering your answers in the tabs below.

Required $1$

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

Note: Enter your answers in millions $($i$.$e$.,10,000,000$ should be entered as $10).$

REQUIRED $1$

$1$ Record the retirement of common shares.

$2$ Record the closing entry for net income.

$3$ Record the declaration and payment of a cash dividend.

$4$ Record the declaration and distribution of a stock dividend.