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 104.5 million common shares, $1.0 par per share. Retained Earnings ($ in millions) 80 Beginning balance Retirement of 4.5 million common shares for $24.0 million 2.60 70 Net income for the year Declaration and payment of a $0.26 per share cash dividend 26.00 Declaration and distribution of a 2% stock dividend 17.00 104.40 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 7 months ago

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