Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2024. On January 1, 2024, the corporation had outstanding 111 million common shares, $1 par per share. Retained Earnings ($ in millions) Debit Retirement of 11 million common shares for $25 million 4 96 Declaration and payment of a $0.39 per share cash dividend Declaration and distribution of a 39 80 5% stock dividend Required: 20 113 Credit Beginning balance Net income for the year Ending balance 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 2024. 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 2024. 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 2024. 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.) Note: 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. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general ioural Show less