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Listed below are the transactions that affected the shareholders equity of Branch-Rickie Corporation during the period 20162018. At December 31, 2015, the corporations accounts included:

Listed below are the transactions that affected the shareholders equity of Branch-Rickie Corporation during the period 20162018. At December 31, 2015, the corporations accounts included:

($ in 000s)
Common stock, 113 million shares at $1 par $ 113,000
Paid-in capitalexcess of par 678,000
Retained earnings 920,000

a.

November 1, 2016, the board of directors declared a cash dividend of $0.50 per share on its common shares, payable to shareholders of record November 15, to be paid December 1.

b.

On March 1, 2017, 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 $2.9 million, but were purchased two years previously for $2.5 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.

c.

On July 12, 2017, the corporation declared and distributed a 4% common stock dividend (when the market value of the common stock was $21 per share). Cash was paid in lieu of fractional shares representing 520,000 equivalent whole shares.

d.

On November 1, 2017, the board of directors declared a cash dividend of $0.50 per share on its common shares, payable to shareholders of record November 15, to be paid December 1.

e.

On January 15, 2018, 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 $22 per share.

f.

On November 1, 2018, the board of directors declared a cash dividend of $0.35 per share on its 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.)

Dec 1, Record payment of cash dividend.

Jan 15, 2018 Record delcaration and distribution of stock split effected in the form of stock dividend.

Nov 1, 2018 record declaration of cash dividend

Nov 15, 2018 Record entry on the date of record

Dec 1, 2018 Record payment of cash dividend

image text in transcribed

image text in transcribed

March 13, 2017 6 No journal entry required 7 April 05, 2017 Property dividends payable 2,900,000 Investment in Warner bonds 2,900,000 July 12, 2017 Retained earnings 94,920,000 Common stock Paid-in capital-excess of par Cash 4,000,000 80,000,000 10,920,000 November 01, Retained earnings 58,500,000 Cash dividends payable 58,500,000 November 15 2017 10 No journal entry required December 01 Cash dividends payable 1 37,475,000 2017 Cash 137,475,000 January 15, 2018 12 No journal entry required November 01,No journal entry required 13 2018 November 15, 2018 No journal entry required 15 December 0,No journal entry required 2018 March 13, 2017 6 No journal entry required 7 April 05, 2017 Property dividends payable 2,900,000 Investment in Warner bonds 2,900,000 July 12, 2017 Retained earnings 94,920,000 Common stock Paid-in capital-excess of par Cash 4,000,000 80,000,000 10,920,000 November 01, Retained earnings 58,500,000 Cash dividends payable 58,500,000 November 15 2017 10 No journal entry required December 01 Cash dividends payable 1 37,475,000 2017 Cash 137,475,000 January 15, 2018 12 No journal entry required November 01,No journal entry required 13 2018 November 15, 2018 No journal entry required 15 December 0,No journal entry required 2018

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