Question
Listed below are the transactions that affected the shareholders equity of Branch-Rickie Corporation during the period 20212023. At December 31, 2020, the corporations accounts included:
Listed below are the transactions that affected the shareholders equity of Branch-Rickie Corporation during the period 20212023. At December 31, 2020, the corporations accounts included:
($ in thousands) | |||
Common stock, 106 million shares at $1 par | $ | 106,000 | |
Paid-in capitalexcess of par | 636,000 | ||
Retained earnings | 850,000 | ||
- November 1, 2021, 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.
- 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 $2.0 million, but were purchased two years previously for $1.8 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 $24 per share). Cash was paid in lieu of fractional shares representing 360,000 equivalent whole shares.
- On November 1, 2022, 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.
- 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 $25 per share.
- On November 1, 2023, the board of directors declared a cash dividend of $0.55 per share on its common shares, payable to shareholders of record November 15, to be paid December 1.
Required: 1. Prepare the journal entries that Branch-Rickie recorded during the three-year period for these transactions. 2. Prepare comparative statements of shareholders equity for Branch-Rickie for the three-year period ($ in 000s). Net income was $360 million, $425 million, and $485 million for 2021, 2022, and 2023, respectively.
I need help with journal entries #1-15. I will thumbs up your answers! Thank you!!
Journal entry worksheet Record declaration of cash dividend. Note: Enter debits before credits. Date November 01, 2021 General Journal Debit Credit Journal entry worksheet Record the entry on date of record. Note: Enter debits before credits. Date November 15, 2021 General Journal Debit Credit Journal entry worksheet Record appreciation of investment. Note: Enter debits before credits. Date March 01, 2022 General Journal Debit Credit Journal entry worksheet Record declaration of property dividends. Note: Enter debits before credits. Date March 01, 2022 General Journal Debit Credit Journal entry worksheet Record the entry on date of record. Note: Enter debits before credits. Date March 13, 2022 General Journal Debit Credit Journal entry worksheet Record declaration and distribution of stock dividend and settlement of fractional shares. Note: Enter debits before credits. Date July 12, 2022 General Journal Debit Credit Journal entry worksheet Record declaration of cash dividend. Note: Enter debits before credits. Date November 01, 2022 General Journal Debit Credit Record entry Clear entry View general lournal B. Journal entry worksheet Record the entry on date of record. Note: Enter debits before credits. General Journal Debit Credit Date November 15, 2022 Record entry Clear entry View generalioural HE lau Journal entry worksheet Record declaration and distribution of stock split effected in the form of stock dividend. Note: Enter debits before credits. General Journal Debit Credit Date January 15, 2023 Record entry Clear entry View general qual Journal entry worksheet Record declaration of cash dividend. Note: Enter debits before credits. Date November 01, 2023 General Journal Debit Credit Record entry Clear entry View generaliournal Journal entry worksheet Record the entry on the date of record. Note: Enter debits before credits. General Journal Debit Credit Date November 15, 2023 Record entry Clear entry View generaliournal Journal entry worksheetStep by Step Solution
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