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    "question_id": "4451683",
    "url": "\/study-help\/questions\/6listed-below-are-the-transactions-that-affected-the-shareholders-equity-4451683",
    "question_creation_date_js": "2024-06-29T02:43:24-04:00",
    "question_creation_date": "Jun 29, 2024 02:43 AM",
    "meta_title": "[Solved] 6)Listed below are the transactions that | SolutionInn",
    "meta_description": "Answer of - 6)Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the per | SolutionInn",
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    "question_title_h1": "6)Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2021-2023. At December 31, 2020, the corporation's accounts included:",
    "question_title": "6)Listed below are the transactions that affected the shareholders' equity of Branch-Rickie",
    "question_title_for_js_snippet": "6)Listed below are the transactions that affected the shareholders' equity of Branch Rickie Corporation during the period 2021 2023  At December 31, 2020, the corporation's accounts included  ($ in thousands) Common stock, 117 million shares at $1 par $117,000 Paid in capital excess of par 702,000 Retained earnings 960,000 November 1, 2021, the board of directors declared a cash dividend of $0 90 per share on its common shares, payable to shareholders of record November 15 , to be paid December 1  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 $3 3 million, but were purchased two years previously for $2 9 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  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 20,000 equivalent whole shares  On November 1, 2022, the board of directors declared a cash dividend of $0 90 per share on its common shares, payable to shareholders of record November 15, to be paid December 1  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  On November 1, 2023, the board of directors declared a cash dividend of $0 75 per share on its common shares, payable to shareholders of record November 15, to be paid December 1  List 1  the journal entries that Branch Rickie recorded during the three year period for these transactions  2  List the comparative statements of shareholders' equity for Branch Rickie for the three year period ($ in 000s)  Net income was $415 million, $480 million, and $540 million for 2021, 2022, and 2023, respectively  View transaction list Journal entry worksheet Record declaration of cash dividend  Note  Enter debits before credits  Record entry llr'iew general journal",
    "question_description": "<p>6)Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2021-2023. At December 31, 2020, the corporation's accounts included:<\/p><p><\/p><p>($ in thousands)<\/p><p>Common stock, 117 million shares at $1 par $117,000<\/p><p>Paid-in capital?excess of par 702,000<\/p><p>Retained earnings 960,000<\/p><p><\/p><ol><li>November 1, 2021, the board of directors declared a cash dividend of $0.90 per share on its common shares, payable to shareholders of record<strong> November 15<\/strong>, to be paid <strong>December 1.<\/strong><\/li><li>On<strong> March 1, 2022<\/strong>, 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 $3.3 million, but were purchased two years previously for $2.9 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.<\/li><li>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 20,000 equivalent whole shares.<\/li><li>On November 1, 2022, the board of directors declared a cash dividend of $0.90 per share on its common shares, payable to shareholders of record November 15, to be paid December 1.<\/li><li>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.<\/li><li>On November 1, 2023, the board of directors declared a cash dividend of $0.75 per share on its common shares, payable to shareholders of record November 15, to be paid December 1.<\/li><\/ol><p> <\/p><p><strong>List<\/strong><\/p><p><strong>1.<\/strong> the journal entries that Branch-Rickie recorded during the three-year period for these transactions.<\/p><p><strong>2.<\/strong>List the comparative statements of shareholders' equity for Branch-Rickie for the three-year period ($ in 000s). Net income was $415 million, $480 million, and $540 million for 2021, 2022, and 2023, respectively.<\/p><p><\/p><p> <\/p><p><\/p><img src=\"https:\/\/s3.amazonaws.com\/si.experts.images\/answers\/2024\/06\/667fad0bf074f_403667fad0bea906.jpg\" alt=\"image text in transcribed\"> View transaction list Journal entry worksheet Record declaration of cash dividend. Note: Enter debits before credits. Record entry llr'iew general journal",
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    "related_book": {
        "title": "Accounting Principles",
        "isbn": "1119491630, 978-1119491637, 978-0470534793",
        "edition": "10th Edition",
        "authors": "Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso",
        "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/54.jpg",
        "uri": "\/textbooks\/accounting-principles-10th-edition-54",
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    "question_posted": "2024-06-29 02:43:24",
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