The following data were taken from the SFP accounts of Bedard Corporation on December 31, 2023:

InstructionsPrepare the required journal entries for the following unrelated events in January 2024:

a. A 6% stock dividend at the fair value of the shares is declared, and it is distributed at a time when the shares’ fair value is $48 per share.

b. A 4-for-1 stock split is effected.

c. A dividend in kind is declared on January 8, 2024, and paid on January 28, 2024, in FV-NI investments. The investments have a carrying amount of $160,000 (fair value at December 31, 2023) and a January 8 fair value of $165,000.

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Current assets FV-NI investments Common shares (unlimited authorized, 600,000 shares issued and outstanding) Contributed surplus Retained earnings $1,040,000 824,000 6,000,000 350,000 1,840,000