The shareholders’ equity accounts of Abbasi Inc. have the following balances on December 31, 2023:Common shares are currently trading on the Toronto Stock Exchange at $59.

InstructionsPrepare the appropriate journal entries for each of the following cases:

a. A stock dividend of 10% is declared and issued at the fair value of the shares.

b. A stock dividend of 100% is declared and issued at the fair value of the shares.

c. A 2-for-1 stock split is declared and issued.

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Common shares, 400,000 shares issued and outstanding Contributed surplus Retained earnings $10,000,000 300,000 42,400,000