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Shown 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 re-create the transactions that affected Brenner-Jude's retained earnings during 2011. Reconstruct the journal entries which can be used as spreadsheet entries in the preparation of a statement of cash flows. Also indicate any investing and financing activities you identify from this analysis that should be reported on the statement of cash flows.
2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2011.
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