Question: please only do requirement 1, I just need the journal entries. will give thumbs up no matter what :) Listed below are the transactions that

please only do requirement 1, I just need the journal entries. will give thumbs up no matter what :)

please only do requirement 1, I just need the journal entries. will

give thumbs up no matter what :) Listed below are the transactions

that affected the shareholders' equity of Branch-Rickle Corporation during the period 2021-2023.

Listed below are the transactions that affected the shareholders' equity of Branch-Rickle Corporation during the period 2021-2023. At December 31, 2020, the corporation's accounts included: Common stock, 120 million shares at $1 par Paid-in capital-excess of par Retained earnings ($ in thousands) $120,000 720,000 990, 80e 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-Rickle was holding as an investment. The bonds had a fair value of $3.6 million, but were purchased two years previously for $3.2 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 4% common stock dividend (when the market value of the common stock was $19 per share). Cash was paid in lieu of fractional shares representing 800,000 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 pald 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 $20 per share. f. On November 1, 2023, the board of directors declared a cash dividend of $0.65 per share on Its common shares, payable to shareholders of record November 15, to be paid December 1. Required: 1. Prepare the journal entries that Branch-Rickle recorded during the three-year period for these transactions. 2. Prepare comparative statements of shareholders' equity for Branch-Rickle for the three-year period ($ In 000s). Net Income was $430 million, $495 million, and $555 million for 2021, 2022, and 2023, respectively. Complete this question by entering your answers in the tabs below. x 1 Record declaration of cash dividend. 2 Record the entry on date of record. 3 Record payment of cash dividend. 4 Record appreciation of investment. OSOS 5 Record declaration of property dividends. 6 Record the entry on date of record. Record distribution of property dividends. 8 Record declaration and distribution of stock dividend and settlement of fractional shares. 9 Record declaration of cash dividend. 10 Record the entry on date of record. 11 Record payment of cash dividend. / 12 Record declaration and distribution of stock split effected in the form of stock dividend. 13 Record declaration of cash dividend. . 14 Record the entry on the date of record. 15 Record payment of cash dividend

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!