Power Corporation recently reported the following December 31 balances in
Power Corporation recently reported the following December 31 balances in its shareholders’ equity accounts (in millions of dollars):
During the current year, Power Corp. reported earnings of $ 1,116 million. Assume that the only other transactions that affected share capital and retained earnings during the current year were the issuance of shares and the declaration and payment of cash dividends.
Required:
Recreate the two journal entries reflecting the issuance of shares and the declaration and payment of dividends.
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