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 105.00 million common shares, $1.0 par per share.

Retained Earnings ($ in millions)
		110	Beginning balance
Retirement of 5.0 million common shares for $38.0 million	4.00
		84	Net income for the year
Declaration and payment of a $0.40 per share cash dividend	40.00
Declaration and distribution of a 4% stock dividend	33.00
		117.00	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.

Record retirement of common shares.

Record closing entry of net income to retained earnings

Record declaration and payment of a $0.40 per share cash dividend.

Record declaration of stock dividend

2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2021.

should be entered as 5.50).)

BRENNER-JUDE CORPORATION
Statement of Retained Earnings
For the Year Ended December 31, 2021
($ in millions)
Balance at January 1
Deductions:
Balance at December 31