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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 2018. At January 1, 2018, the corporation had outstanding 85.0 million common shares, $2.5 par per share.

Retained Earnings ($ in millions)
84 Beginning balance
Retirement of 5.0 million common
shares for $26.0 million		 2.80
72 Net income for the year
Declaration and payment of a $0.19
per share cash dividend		 15.20
Declaration and distribution of a 5%
stock dividend		 27.00
111.00 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.

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ekkarill92 answered 1 year ago
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