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Please help me answer this question. I have almost all of it filled out except for a little bit. Required 1 Required 2 Prepare the
Please help me answer this question. I have almost all of it filled out except for a little bit.
Required 1 Required 2 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.) Credit No 1 Date General Journal November 01, 20 Retained earnings Cash dividends payable Debit 68,400,000 68,400,000 2 November 15, 20 No journal entry required 3 December 01, 20 Cash dividends payable Cash 68,400,000 68,400,000 4 400,000 March 01, 2019 Investment in Warner bonds Gain on appreciation of investment 400,000 5 March 01, 2019 Retained earnings Property dividends payable OOOOOOOOO 3,000,000 3,000,000 6 March 13, 2019 No journal entry required 7 April 05, 2019 3,000,000 Property dividends payable Investment in Warner bonds 3,000,000 July 12, 2019 125,400,000 Retained earnings Common stock Paid-in capital-excess of par Cash 5,000,000 105,000,000 15,400,000 9 71,400,000 November 01, 201Retained earnings Cash dividends payable 71,400,000 10 November 15, 20 No journal entry required 71,400,000 December 01, 20 Cash dividends payable Cash 71,400,000 12 59,500,000 January 15, 2020 Paid-in capitalexcess of par Common stock 59,500,000 76,275,000 X November 01, 201Retained earnings Cash dividends payable 76,275,000 X 14 November 15, 20. No journal entry required 15 December 01, 204 Cash dividends payable 178,500,000 X Cash 178,500,000 X Prepare comparative statements of shareholders' equity for Branch-Rickie for the three-year period. Net income was $400 million, $465 million, and $525 million for 2018, 2019, and 2020, respectively. (Negative amounts should be indicated by a minus sign. Enter your answers in thousands (000's).) BRANCH-RICKIE CORPORATION Statement of Shareholders' Equity For the Years Ended Dec. 31, 2018, 2019, and 2020 Additional Common Retained Paid-in Stock Earnings Capital Jan. 1, 2018 $ 114,000 $ 684,000 $ 930,000 Net income 400,000 Cash dividends (68,400) Dec. 31, 2018 114,000 684,000 1,261,600 Property dividends (3,000) Common stock dividend 5,000 105,000 (125,400) Net income 465,000 Cash dividends (71,400) Dec. 31, 2019 119,000 789,000 1,526,800 3-for-2 split effected in the form of a stock 59,500 (59,500) dividend Net income 525,000 Cash dividends (76,275) X Dec. 31, 2020 $ 178,500 $ 729,500 $ 1,975,525 Total Shareholders' Equity $ 1,728,000 440,000 X (68,400) 2,099,600 (3,000) (15,400) 465,000 (71,400) 2,474,800 O 525,000 (76,275) 2,923,525 $Step by Step Solution
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