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 $104$ million common shares, $$1$ par per share.

Retained Earnings $($$ in millions$)$

Debit

Retirement of $4$ million common shares for $$28$ million: $2$

Declaration and payment of a $$0\mathrm{.}31$ per share cash dividend: $31$

Declaration and distribution of a $5\%$ stock dividend: $26$

Credit

Beginning balance $99$

Net income for the year $83$

Ending balance $123$

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 $2024.$