Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2018. At January 1, 2018, the corporation had outstanding 85.0 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 2018 based on the information provided. 2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2018.