Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during...

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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 106 million common shares, $1 par per share. Retained Earnings ($ in millions) 91 Beginning balance Retirement of 6 million common 3 shares for $20 million 80 Net income for the year Declaration and payment of a $0.34 per share cash dividend 34 Declaration and distribution of a 22 5% stock dividend 112 Ending balance Required: 1. From the information provided by the account changes, you should be able to recreate the transactions that affected Brenner-Jude's retained earnings during 2021. Prepare the journal entries that Brenner-Jude must have recorded during the year for these transactions. (Hint: In lieu of revenues and expenses, use an account titled "Income summary" to close net income or net loss.) 2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2021. View transaction Ilist > 1 Record the retirement of common shares. Record the closing entry for net income. Record the declaration and payment of a cash dividend. Record the declaration and distribution of a stock dividend. Credit X: 2. 3. Required 1 Required 2 Prepare a statement of retained earnings for Brenner-Jude for the year ended 2021. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) BRENNER-JUDE CORPORATION Statement of Retained Earnings FOR THE YEAR ENDED DECEMBER 31, 2021 ($ in millions) Balance at January 1 $ 91 Deductions: Balance at December 31 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 106 million common shares, $1 par per share. Retained Earnings ($ in millions) 91 Beginning balance Retirement of 6 million common 3 shares for $20 million 80 Net income for the year Declaration and payment of a $0.34 per share cash dividend 34 Declaration and distribution of a 22 5% stock dividend 112 Ending balance Required: 1. From the information provided by the account changes, you should be able to recreate the transactions that affected Brenner-Jude's retained earnings during 2021. Prepare the journal entries that Brenner-Jude must have recorded during the year for these transactions. (Hint: In lieu of revenues and expenses, use an account titled "Income summary" to close net income or net loss.) 2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2021. View transaction Ilist > 1 Record the retirement of common shares. Record the closing entry for net income. Record the declaration and payment of a cash dividend. Record the declaration and distribution of a stock dividend. Credit X: 2. 3. Required 1 Required 2 Prepare a statement of retained earnings for Brenner-Jude for the year ended 2021. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) BRENNER-JUDE CORPORATION Statement of Retained Earnings FOR THE YEAR ENDED DECEMBER 31, 2021 ($ in millions) Balance at January 1 $ 91 Deductions: Balance at December 31

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Answer Event General Journal Debit in millions Credit in ... View the full answer