Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Does anyone know how to do number 2? 4. 0.00 pats Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during

image text in transcribed
image text in transcribedDoes anyone know how to do number 2?
4. 0.00 pats Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2016-2018. At December 31, 2015, the corporation's accounts included: ($ in 000s) Common stock, 106 million shares at $1 par Paid-in capital excess of par Retained eamings $106,000 636,000 850,000 November 1,2016, the board of directors declared a cash dividend of $0.70 per share on its common shares, payable to shareholders of record November 15, to be paid December 1 a. March 1, 2017, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that $2.0 million, but Branch-Rickie was holding as an investment. The bonds had a fair value of were purchased two years previously for $1.8 million. Because they were intended to be held to maturity, the bonds had not been shareholders of record March 13, to be distributed April 5 previously written up. The property dividend was payable to c. On July 12, 2017, the corporation declared and distributed a 6% common stock d idend when the d. On November 1,2017, the board of directors declared a cash dividend of $0.70 per share on its e. On January 15, 2018, the board of directors declared and distributed a 3-for-2 stock split effected in the f. On November 1,2018, the board of directors declared a cash dividend of $0.55 per share on its market value of the common stock was $24 per share). Cash representing 360,000 equivalent whole shares. value of the common stock was $24 per share). Cash was paid in lieu of fractional shares common shares, payable to shareholders of record November 15, to be paid December 1 form of a 50% stock dividend when the market value of the common stock was $25 per share. 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) July 12, 2017 Retained earnings 152,640,000 Common stock 6,000,000 Paid-in capital excess of par 156,000,000 Cash 8,640,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

a. What are the mean and variance of depth?

Answered: 1 week ago