The following data were taken from the statement of financial position accounts of Bedard Corporation on December

Question:

The following data were taken from the statement of financial position accounts of Bedard on December 31, 2014:
Current assets .............................................................................................. $1,040,000
FV-NI investments ........................................................................................... 824,000
Common shares (no par value, no authorized limit, 600,000 shares issued and outstanding) ... 6,000,000
Contributed surplus ........................................................................................... 350,000
Retained earnings ........................................................................................... 1,840,000
Instructions
Prepare the required journal entries for the following unrelated events in January 2015.
(a) A 6% stock is declared and distributed at a time when the shares' fair value is $48 per share.
(b) A 4-for-1 stock split is effected.
(c) A in kind is declared on January 8, 2015, and paid on January 28, 2015, in fair value-net income investments. The investments have a carrying amount of $160,000 (fair value at December 31, 2014) and a January 8 fair value of $165,000.
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