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Can anyone help answer question b) I am truly struggling. Thank you so much in advance Glenn Corporation's shareholders' equity section at December 31, 2021
Can anyone help answer question b) I am truly struggling.
Thank you so much in advance
Glenn Corporation's shareholders' equity section at December 31, 2021 appears below: Shareholders' equity Share capital Common shares, 82,000 issued $ 799,860 Retained earnings. 150,000 Accumulated other comprehensive income 450,000 Total shareholders' equity... $1,399,860 On June 30, 2022, the board of directors declared a 15% stock dividend, distributable on July 31 to shareholders of record on July 15. The fair value of Glenn Corporation's shares on June 30 was $14. On December 1, 2022, the board of directors declared a 2-for-1 stock split effective December 15. Glenn Corporation's shares were selling for $20 on December 1, 2022, before the stock split was declared. Net income for 2022 was $230,000 and there were no cash dividends declared. Instructions (a) Prepare the journal entries on the appropriate dates to record the stock dividend and the stock split. If no entry is needed write No entry required." (b) Prepare all closing entries required on December 31, 2022Step by Step Solution
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