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 $106$ million common shares, $\backslash (\backslash$$ $1\backslash )$ par per share.

Required:

$1.$ From the information provided by the account changes, you should be able to recreate the transactions that affected BrennerJude'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.$)$

$2.$ 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 $1$

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.$)$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in millions $($i$.$e$.,10,000,000$ should be entered as $10).$