Question: please write the answer in whole page because sometimes it didn't show the answer clear Listed below are the transactions that affected the shareholders equity

 please write the answer in whole page because sometimes it didn't
show the answer clear 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: Conmon stock, 105 million shares at $1
please write the answer in whole page because sometimes it didn't show the answer clear

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: Conmon stock, 105 million shares at $1 par Paid-in capital-excess of par Retained earnings (sin thousands) $ 105,000 630,000 $70,000 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-Rickle was holding as an investment The bonds had a fair value of $16 million, but were purchased two years previously for $1.3 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 con July 12, 2022, the corporation declared and distributed a 5% common stock dividend (when the market value of the common stock was $21 per share). Cash was paid in lieu of fractional shares representing 250,000 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 $22 per share. On November 1, 2023, the board of directors declared a cash dividend or $065 per share on its common shares, payable to shareholders of record November 15, to be paid December 1, Required: 1. Prepare the journal entries that Branch-Rickie recorded during the three-year period for these transactions 2. Prepare comparative statements of shareholders equity for Branch-Rickle for the three-year period ($ in 000s). Net income was $330 million, $395 million, and $455 million for 2021 2022 and 2023, respectively 9 November 01 2022 Retained earnings Cash dividends payable 88,000,000 88,000,000 10 November 15, 2022 No journal entry required 11 December 01 2022 Cash dividends payable Cash 88,000,000 88,000,000 12 January 15, 2023 Paid-in capital - excess of par Common stock 13 November 01 2023 Retained eamings Cash dividends payable 14 November 15 2023 No journal entry required 15 December 01 2023 Cash dividends payable Cash BRANCH-RICKIE CORPORATION Statement of Shareholders' Equity For the Years Ended Dec 31, 2021 2022, and 2023 (S in thousands) Common Additional Total Retained Stock Paid in Capital Shareholders Earnings Jan. 1.2021 Equity $ 105,000 Net income 0 Cash dividends 0 0 Dec 31, 2021 105,000 0 0 0 Property dividends 0 0 Common stock dividend 5,000 Net Income 0 0 Cash dividends 0 0 Dec 31, 2022 110,000 0 3-for-2 split effected in the form of a stock dividend 55,000 0 Net income 0 0 Cash dividends 0 0 Dec 31, 2023 $ 165,000 $ 0 $ 0 $

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!