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 85 00 million common shares, $1 5 par per share Retained Earnings ($ in millions) 92 Beginning balance Retirement of 5 0 million common shares for $29 0 million 3 10 75 Net income for the year Declaration and payment of a $0 30 per share cash dividend 24 00 Declaration and distribution of a 2 stock dividend 22 40 117 50 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 85.00 million common shares, $1.5 par per share.

Retained Earnings ($ in millions)
		92	Beginning balance
Retirement of 5.0 million common shares for $29.0 million	3.10
		75	Net income for the year
Declaration and payment of a $0.30 per share cash dividend	24.00
Declaration and distribution of a 2% stock dividend	22.40
		117.50	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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