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PLEASE HELP!!! On January 1, 2021, the start of the current financial year, Tubble Ltd had in issue 36 million ordinary shares with a par
PLEASE HELP!!!
On January 1, 2021, the start of the current financial year, Tubble Ltd had in issue 36 million ordinary shares with a par value of $1.60 each. The company also had a retained earnings balance of $121.6 million, a revaluation reserve balance of $5.9 million, and a share premium balance of $16,4 million On May 1, 2021, the entity made a two for three bonus issue of shares, sparing retained earnings as much as possible. The entity reported profit after tax of $17.5 million for 2020 and $24.1 million for 2021. Required: Prepare the relevant journal entries to record the bonus issue of shares. Determine the EPS for 2021. Determine the original and restated EPS for 2020. Recommended time: 25 minutes Step by Step Solution
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