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

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 104.00 million common shares, $2.5 par per share.

Retained Earnings ($ in millions)
108 Beginning balance
Retirement of 4.0 million common
shares for $37.0 million		 3.90
83 Net income for the year
Declaration and payment of a $0.39
per share cash dividend		 39.00
Declaration and distribution of a 6%
stock dividend		 43.00
105.10 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.
2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2021.

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ekkarill92 answered 1 year ago
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