Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help solve and show workings Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2024-2026. At December

please help solve and show workings image text in transcribed
image text in transcribed
image text in transcribed
Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2024-2026. At December 31, 2023, the corporation's accounts included: a. November 1, 2024, the boerd of directors declared a cosh dividend of $0.50 per share on its common shares, payable to shareholders of record November 15, to be paid December 1 b. On March 1. 2025, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie wos holding as an investment. The bonds had a fair value of $2.9 million, but were purchased two years previously for $2.5 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 Aprit 5 . c. On July 12, 2025, the corporation declared and distributed a 48 common stock dividend (when the market value of the common ctock was $21 per share) Cash was paid in lieu of fractional shares representing 520,000 equivalent whole shares. d. On November 1, 2025, the board of directors declered a cash dividend of $0.50 per share on its common shares, payable to shareholders of record November 15, to be paid December 1 E. On January 15, 2026, the board of directors declared and distributed a 3-for-2 stock splli effected in the form of a 50%5 stock dividend when the market value of the common stock was $22 per share. t On November 1, 2026, the board of directors declared a cash dividend of $0.35 per share on its common shares, payable to shareholders of record November 15 , to be paid December 1 Pequilred: 1. Prepare the journal entries that Branch.Rickie recorded during the three year period for these transactions. Prepare the journal entries that Branch-Rickie recorded during the three-year period for these transactions. Note answ Prepare comparative statements of shareholders' equity for Branch-Rickie for the three-year period. Net income was $395 million, $460 million, and $520 million for 2024, 2025, and 2026, respectively. Note: Nlegative amounts should be indicated by a minus sign. Enter your answers in thousands (000's)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting An Introduction to Concepts, Methods and Uses

Authors: Roman L. Weil, Katherine Schipper, Jennifer Francis

14th edition

978-1111823450, 1-133-36617-1 , 1111823456, 978-1-133-3661, 978-1133591023

Students also viewed these Accounting questions