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E 1818 - Brenner-Jude Corporation -Transactions affecting retained earnings LO6 LO7Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2011. At January 1, 2011, the corporation had outstanding 105 million common shares, $1 par per share.Required:1.From the information provided by the account changes you should be able to recreate the transactions that affected Brenner-Judes retained earnings during 2011. Prepare the journal entries that Brenner-Jude must have recorded during the year for these transactions.2.Prepare a statement of retained earnings for Brenner-Jude for the year ended 2011.Exercise 18-18Requirement 1Retirement of common shares ($ in millions)Common stock (5 million shares x $1 par per share)5Paid-in capital excess of par ($22 5 2)15Retained earnings (given)2Cash (given)22Net income closed to retained earningsIncome summary 88Retained earnings (given)88Declaration of a cash dividendRetained earnings (given)33Cash 33Declaration of a stock dividendRetained earnings (given)20Common stock ([105-5] x 4%) million shares at $1 par per share) 4Paid-in capital excess of par (difference)16Requirement 2Brenner-Jude CorporationStatement of Retained EarningsFor the year ended December 31, 2011 ($ in millions)Balance at January 1$ 90Net income for the year88Deductions:Retirement of common stock (2

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