Shown below in T account format are the changes affecting the retained earnings of Brenner Jude Corporation during 2021 At January 1, 2021, the corporation had outstanding 104 00 million common shares, $2 5 par per share Retained Earnings ($ in millions) 108 Beginning balance Retirement of 4 0 million common shares for $37 0 million 3 90 83 Net income for the year Declaration and payment of a $0 39 per share cash dividend 39 00 Declaration and distribution of a 6 stock dividend 43 00 105 10 Ending balance Required 1 Prepare the journal entries to record the transactions that affected Brenner Jude's retained earnings during 2021 based on the information provided 2 Prepare a statement of retained earnings for Brenner Jude for the year ended 2021

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Question: Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2021. At January 1, 2021, the corporation had outstanding

Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2021. At January 1, 2021, the corporation had outstanding 104.00 million common shares, $2.5 par per share.

Retained Earnings ($ in millions)
		108	Beginning balance
Retirement of 4.0 million common shares for $37.0 million	3.90
		83	Net income for the year
Declaration and payment of a $0.39 per share cash dividend	39.00
Declaration and distribution of a 6% stock dividend	43.00
		105.10	Ending balance

Required: 1. Prepare the journal entries to record the transactions that affected Brenner-Jude's retained earnings during 2021 based on the information provided. 2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2021.

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