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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:
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: 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 $2.8 million, but were purchased two years previously for $2.4 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 $19 per share). Cash was paid in lieu of fractional shares representing 480,000 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 $20 per share. f. 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 $390 million, $455 million, and $515 million for 2021,2022 , and 2023 , respectively. Complete this question by entering your answers in the tabs below. Prepare the journal entries that Branch-Rickie recorded during the three-year period for these transactions. (If no entry is transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) 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 $390 million, $455 million, and $515 million for 2021,2022 , and 2023 , respectively. Complete this question by entering your answers in the tabs below. Prepare comparative statements of shareholders' equity for Branch-Rickie for the three-year period. Net income was $390 million, $455 million, and $515 million for 2021, 2022, and 2023, respectively. (Negative amounts should be indicated by minus sign. Enter your answers in thousands (000's).)
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