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 103 million common shares, $1 par per share. Beginning balance Retained Earnings ($ in millions) 98 Retirement of 3 million common shares for $27 million 6 82 Declaration and payment of a $0.30 per share cash dividend 30 Declaration and distribution of a 24 4% stock dividend 120 Net income for the year Ending balance 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 2021. 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 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 From the information provided by the account changes, you should be able to recreate the transactions that affected Brenner-Jude's retained earnings during 2021. Prepare the journal entries that Brenner-Jude must have recorded during the year for these transactions. (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).) View transaction list Journal entry worksheet < 1 2 3 4 Record the retirement of common shares. Show less & brenner Ju041 retained earnings during 2021. Prepare the journal entries that Brenner Jude must have recorded during the year for these transactions (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (ie, 10,000,000 should be entered as 10)) Show less View transaction list Journal entry worksheet < 2 4 Record the closing entry for net income. Note: Enter debits before credits. Event 2 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 3 4 Record the declaration and payment of a cash dividend. Note: Enter debits before credits. Event 3 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 4 Record the declaration and distribution of a stock dividend. Note: Enter debits before credits. Event 4 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Prepare a statement of retained earnings for Brenner-Jude for the year ended 2021. (Enter you 10,000,000 should be entered as 10).) BRENNER-JUDE CORPORATION Statement of Retained Earnings FOR THE YEAR ENDED DECEMBER 31, 2021 ($ in millions) Balance at January 1 Deductions: $ 98 Balance at December 31 < Required 1 Required 2 >