I need help with these please. A. Record transfer of net loss to retained earnings.B. Record transfer of net income to retained earnings.C. Record repurchase of shares for retirement.D. Record declaration of cash dividend.E. Record payment of cash dividend. Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2021 annual report as follows.RENN-DEVER CORPORATIONStatements of Retained EarningsFor the Years Ended December 312021$ 6,794,2923,308, 700Balance at beginning of yearNet income (loss)Deductions:Stock dividend (34,900 shares)Common shares retired (110,000 shares)Common stock cash dividendsBalance at end of yearAt December 31, 2018, common shares consisted of the following:Common stock, 1,855,000 shares at $1 parPaid-in capital-excess of par2020$5,464,0522,240,900242,000212,660698,000889,950$ 8,971,042 $ 6,794,292 $ 5,464,052$1,855,0007,420,0002019$ 5,624,552(160,500)0Required:Infer from the reports the events and transactions that affected Renn-Dever Corporation's retained earnings during 2019, 2020, and2021. Prepare the journal entries that reflect those events and transactions. (Hint: In lieu of revenues and expenses, use an accounttitled "Income summary" to close net income or net loss.) (If no entry is required for a transaction/event, select "No journal entryrequired" in the first account field.)

Par value for shares retired will be debited for common stock and proportioned value of paid in…

alance at beginning of year let income (loss) eductions: Stock dividend (34,900 shares) Common shares retired (110,000 shares) Common stock cash dividends alance at end of year 2021 2020 2019 $ 6,794,292 $5,464,052 $ 5,624,552 3,308,700 2,240,900 (160, 500) 242,000 212,660 889,950 698,000 $ 8,971,042 $ 6,794,292 $ 5,464,052 December 31, 2018, common shares consisted of the following: Common stock, 1,855,000 shares at $1 par aid-in capital-excess of par $1,855,000 7,420,000 0

alance at beginning of year let income (loss) eductions: Stock dividend (34,900 shares) Common shares retired (110,000 shares) Common stock cash dividends alance at end of year 2021 2020 2019 $ 6,794,292 $5,464,052 $ 5,624,552 3,308,700 2,240,900 (160, 500) 242,000 212,660 889,950 698,000 $ 8,971,042 $ 6,794,292 $ 5,464,052 December 31, 2018, common shares consisted of the following: Common stock, 1,855,000 shares at $1 par aid-in capital-excess of par $1,855,000 7,420,000 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

I need help with these please.

A. Record transfer of net loss to retained earnings.

B. Record transfer of net income to retained earnings.

C. Record repurchase of shares for retirement.

D. Record declaration of cash dividend.

E. Record payment of cash dividend.

Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2021 annual report as follows.
RENN-DEVER CORPORATION
Statements of Retained Earnings
For the Years Ended December 31
2021
$ 6,794,292
3,308, 700
Balance at beginning of year
Net income (loss)
Deductions:
Stock dividend (34,900 shares)
Common shares retired (110,000 shares)
Common stock cash dividends
Balance at end of year
At December 31, 2018, common shares consisted of the following:
Common stock, 1,855,000 shares at $1 par
Paid-in capital-excess of par
2020
$5,464,052
2,240,900
242,000
212,660
698,000
889,950
$ 8,971,042 $ 6,794,292 $ 5,464,052
$1,855,000
7,420,000
2019
$ 5,624,552
(160,500)
0
Required:
Infer from the reports the events and transactions that affected Renn-Dever Corporation's retained earnings during 2019, 2020, and
2021. Prepare the journal entries that reflect those events and transactions. (Hint: In lieu of revenues and expenses, use an account
titled "Income summary" to close net income or net loss.) (If no entry is required for a transaction/event, select "No journal entry
required" in the first account field.)

Definition Definition Remaining net income of the company after the required dividends are paid to shareholders. This surplus money is usually invested back into the business to expand its business operations or launch a new product.

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