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How do I find the corrected numbers? JenStar has the following shareholders' equity: Common shares, no par, 30,000 shares outstanding Retained earnings Total shareholders' equity

How do I find the corrected numbers?

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JenStar has the following shareholders' equity: Common shares, no par, 30,000 shares outstanding Retained earnings Total shareholders' equity $400,000 600,000 $1,000,000 On December 31, 2015, the company wishes to increase the number of shares outstanding by either issuing a share dividend or a share split. The details of each action are below. 1. The issuance of a 400% share dividend. Retained earnings is capitalized at $3 per share. 2. The issuance of a 5:1 share split. a) Give the entry that should be made for each alternative action. If no entry is necessary, leave it blank. Enter an appropriate description, and enter the date in the format dd/mmm (i.e., 15/Jan). On the share split, the old shares are called in, and the new shares are issued to replace them. Please make sure your final answer(s) are accurate to 2 decimal places. General Journal Page G9 Date Account/Explanation PR Debit Credit 31/Dec Retained earnings 360,000 Common shares 360,000 share dividend 31/Dec Retained earnings 30,000 Common shares 30,000 share split Marking: Journal Entry 1 : the share dividend You have completed this entry correctly. Journal Entry 2 : the share split This transaction does not require a journal entry. This will cost you 4 marks. b) Complete the following schedule. Please make sure your final answer(s) are accurate to the nearest whole number. After Before Share After Item Change Dividend Share Split Shares outstanding 30,000 370,000 30,000 Common shares $400,000 $400,000 $400,000 Retained earnings $600,000 $600,000 $600,000 Total shareholders' equity $1,000,000 $1,000,000 $1,000,000 Marking: The shares outstanding after share dividend should be 150,000, but you have not entered this. This will cost you 1 mark The common shares after share dividend should be $760,000, but you have not entered this. This will cost you 1 mark The retained earnings after share dividend should be $240,000, but you have not entered this. This will cost you 1 mark The shares outstanding after share split should be 150,000, but you have not entered this. This will cost you 1 mark

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