Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2021- 2023. At December 31, 2020, the corporation's accounts included: Common stock, 119 million shares at $1 par Paid-in capital-excess of par Retained earnings ($ in thousands) $ 119,000 714,000 980,000 a. 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. b. 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 $3.5 million, but were purchased two years previously for $3.1 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, 2022, the corporation declared and distributed a 4% common stock dividend (when the market value of the common stock was $18 per share). Cash was paid in lieu of fractional shares representing 760,000 equivalent whole shares. d. 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. e. 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 $19 per share. On November 1, 2023, the board of directors declared a cash dividend of $0.55 per share on its common shares, payable to shareholders of record November 15, to be paid December 1. Required: 1. Prepare the journal entries that Branch-Rickie recorded during the three-year period for these transactions. Record declaration of cash Dividend on Nov 01, 20121 Record the entry on date of record on Nov 15, 2021 Record payment of cash dividend on Dec 01, 2021383 Record appreciation of Investment on Mar 01, 2022 Record declaration of property dividends on Mar 01, 2022 Record the entry on date of record Mar 13, 2022 Record distribution of property dividends on April 05, 2022 Record declaration and distribution of stick dividend and settlem shares on July 12, 2022 Record declaration of cash dividend on Nov 01, 2022 Record the entry on date of record on Nov 15,2022 Record payment of cash dividend on Dec 01, 2022 Record declaration and distribution of stock split effected in the form of stock dividend on Jan 15, 2023 Record Declaration of cash dividend On Nov 01, 2023 Record the entry on the date of record on Nov 15, 2023 Record payment of cash dividend on Dec 01, 2023 2. Prepare comparative statements of shareholders' equity for Branch-Rickie for the three-year period ($ in 000s). Net income was $425 million, $490 million, and $550 million for 2021, 2022, and 2023, respectively. Prepare comparative statements of shareholders' equity for Branch-Rickie for the three-year period. Net Income was $425 million, $490 million, and $550 million for 2021, 2022, and 2023, respectively. (Negative amounts should be indicated by a minus sign. Enter your answers in thousands (000's).) ( DP BRANCH-RICKIE CORPORATION DICKIE CORPORATION Statement of Shareholders' Equity Ended Dec 31, 2021, 2022, and 2023 (5 in thousands) Common Additional Retained Stock Pald-in Capital Earnings Total Shareholders' Equity TTT TI Jan 1, 2021 Net income Cash dividends Dec 31, 2021 Property dividends Common stock dividend Net Income Cash dividends Dec 31, 2022 3-for-2 split eflected in the form of a stock divide Net income Cash dividends Dec 31, 2023 IR IST ALLT TIL LL 11
