Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 20212023. At December 31, 2020, the corporation's accounts included: Common stock, 109 million shares at $1 par Paid-in capital-excess of par Retained earnings ($ in thousands) $109,000 654,000 880,000 a. November 1, 2021, the board of directors declared a cash dividend of $0.80 per share on its common shares, payable to shareholders of record November 15, to be paid December 1. b. On March 1, 2022, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie was holding as an investment. The bonds had a fair value of $2.4 million, but were purchased two years previously for $2.1 million. Because they were intended to be held to maturity, the bonds had not been previously written up. The property dividend was payable to shareholders of record March 13, to be distributed April 5. c. On July 12, 2022, the corporation declared and distributed a 6% common stock dividend (when the market value of the common stock was $16 per share). Cash was paid in lieu of fractional shares representing 540,000 equivalent whole shares. d. On November 1, 2022, the board of directors declared a cash dividend of $0.80 per share on its common shares, payable to shareholders of record November 15, to be paid December 1. e. On January 15, 2023, the board of directors declared and distributed a 3-for-2 stock split effected in the form of a 50% stock dividend when the market value of the common stock was $17 per share. f. On November 1, 2023, the board of directors declared a cash dividend of $0.65 per share on its common shares, payable to shareholders of record November 15, to be paid December 1. Required: 1. Prepare the journal entries that Branch-Rickie recorded during the three-year period for these transactions. 2. Prepare comparative statements of shareholders' equity for Branch-Rickie for the three-year period ($ in 000s). Net income was $375 million, $440 million, and $500 million for 2021, 2022, and 2023, respectively. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries that Branch-Rickie recorded during the three-year period for these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) No Date General Journal Credit Debit 87,200,000 1 November 01, 20: Retained earnings Cash dividends payable 87,200,000 2 November 15, 20: No journal entry required December 01, 20: Cash dividends payable 87,200,000 Cash 87,200,000 4 300,000 March 01, 2022 Investment in equity securities Gain on investments 300,000 5 2,400,000 March 01, 2022 Property dividends payable Investment in equity securities X x 2,400,000 6 March 13, 2022 No journal entry required 7 April 05, 2022 2,400,000 Property dividends payable Investment in equity securities 2,400,000 8 July 12, 2022 104,640,000 Retained earnings Common stock Paid-in capital - excess of par Cash 6,000,000 12,000,000 > 86,640,000 X 9 92,000,000 November 01, 20: Retained earnings Cash dividends payable 92,000,000 10 November 15, 20: No journal entry required 11 92,000,000 December 01, 20: Cash dividends payable Cash 92,000,000 12 x 57,500,000 January 15, 2023 Retained earnings Common stock 57,500,000 13 152,375,000 X November 01, 20: Retained earnings Cash dividends payable 152,375,000 14 November 15, 20: No journal entry required 15 92,000,000 > December 01, 20: Cash dividends payable Cash 92,000,000 X Prepare comparative statements of shareholders' equity for Branch-Rickie for the three-year period. Net income was $375 million, $440 million, and $500 million for 2021, 2022, and 2023, respectively. (Negative amounts should be indicated by a minus sign. Enter your answers in thousands (000's).) BRANCH-RICKIE CORPORATION Statement of Shareholders' Equity For the Years Ended Dec. 31, 2021, 2022, and 2023 ($ in thousands) Common Additional Total Retained Paid-in Shareholders' Stock Capital Earnings Equity Jan 1, 2021 $ 109,000 654,000 $ 880,000 $ 1,643,000 Net income 375,000 375,000 Cash dividends (87,200) (87,200) Dec. 31, 2021 109,000 654,000 1,167,800 1,930,800 Property dividends (2,400) (2,400) Common stock dividend 6,000 98,100 X (104,640) (104,640) Net income 500,000 X 500,000 > Cash dividends (92,000) (92,000) Dec 31, 2022 115,000 752,100 1,468,760 2,231,760 3-for-2 split effected in the form of a stock dividend 57,500 (57,500) Net income 563,522 563,500 Cash dividends (92,000) X (92,000) X Dec 31, 2023 $ 172,500 694,600 $ 1,940,282 $ 2,703,260