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 94 00 million common shares, $3 0 par per share Retained Earnings ($ in millions) 78 Beginning balance Retirement of 4 0 million common shares for $23 0 million 2 50 69 Net income for the year Declaration and payment of a $0 25 per share cash dividend 22 50 Declaration and distribution of a 4 stock dividend 24 80 97 20 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 94.00 million common shares, $3.0 par per share.

Retained Earnings ($ in millions)
		78	Beginning balance
Retirement of 4.0 million common shares for $23.0 million	2.50
		69	Net income for the year
Declaration and payment of a $0.25 per share cash dividend	22.50
Declaration and distribution of a 4% stock dividend	24.80
		97.20	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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