Problem 18-5 Shareholders' equity transactions; statement of shareholders' equity [LO18-6, 18-7, 18-8 Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2018-2020. At December 31, 2017, the corporation's accounts included: Common stock, 111 million shares at $1 par Paid-in capital-excess of par Retained earnings (S in 000s) $111,000 666,000 900,000 a November 1,2018, the board of directors declared a cash 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, 2019, 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 $2.6 million, but were purchased two years previously for $2.3 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, 2019, the corporation declared and distributed a 6% common stock dividend (when the market value of the common d. On November 1, 2019, the board of directors declared a cash dividend of $O.50 per share on its common shares, payable to e. On January 15, 2020, the board of directors declared and distributed a 3-for-2 stock split effected in the form of a 50% stock stock was $18 per share). Cash was paid in lieu of fractional shares representing 660,000 equivalent whole shares shareholders of record November 15, to be paid December 1. dividend when the market value of the common stock was $19 per share. f. On November 1, 2020, 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 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. Net income was $385 million, $450 million, and $510 million for 2018, 2019, and 2020, respectively. Complete this question by entering your answers in the tabs below 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.) View transaction list Journal entry worksheet 12 3 4 6 6 7 15 Record declaration of cash dividend. Prepare the journal entries that Branch-Rickie recorded during the three-year period for these transac transaction/event, select "No journal entry required" in the first account field. Enter your answers in v View transaction list Journal entry worksheet K1 23 4 5 7 8 Record declaration of cash dividend Note: Enter debits before credits. Date General Journal Debit Credit November 01, 2018 g tle tmee yeal peiod for these transa transaction/event, select "No journal entry required" in the first account field. Enter your answers in View transaction list Journal entry worksheet K1 2 3 4 5 6 7 8 15 Record the entry on date of record. Note: Enter debits before credits. Date General Journal Debit Credit November 15, 2018 PPepare the journal entries that Branch-Ricki recorded during the three-year period for these transac transaction/event, select "No journal entry required" in the first account field. Enter your answers in w View transaction list Journal entry worksheet K1 2 3 4 5 6 7 8.... 15 Record payment of cash dividend. Note: Enter debits before credits. Date General Journal Debit Credit December 01, 2018 Journal entry worksheet 12 3 4 5 6 7 8.. 15 Record declaration of property dividends. Note: Enter debits before credits. Date General Journal Debit Credit March 01, 2019 Record entry Clear entry View general journal Journal entry worksheet 2 4 7 Record the entry on date of record. Note: Enter debits before credits. Date General Journal Debil Credit March 13, 2019 Record entry Clear entry View general journal Journal entry worksheet Record distribution of property dividends Note: Enter debits before credits. Date General Journal Debit Credit April 05, 2019 Record entry Clear entry View general journal Journal entry worksheet K1 2 3 4 56 7 8 . 15 Record declaration and distribution of stock dividend and settlement of fractional shares. Note: Enter debits before credits. Date General Journal Debit Credit July 12, 2019 Record entry Clear entry View general journal Journal entry worksheet K1 4 5 6 7 8 9.. 15 Record declaration of cash dividend. Note: Enter debits before credits. Date General Journal Debit Credit November 01, 2019 Record entry Clear entry View general journal Journal entry worksheet 1 5 6 7 8 9|10| 15 Record the entry on date of record. Note: Enter debits before credits. General Journal Debit Credit Date November 15, 2019 Record entry Clear entry View general journal Journal entry worksheet K. 7 8 9 1011 5 6 Record payment of cash dividend. Note: Enter debits before credits. General Journal Debit Credit Date December 01, 2019 Record entry Clear entry View general journal Journal entry worksheet K1 7 89 10 12... 15 Record declaration and distribution of stock split effected in the form of stock dividend Note: Enter debits before credits. Date General Journal Debit Credit January 15, 2020 Record entry Clear entry View general journal Journal entry worksheet ! 8 9 10 11 12 13|14|15 Record the entry on the date of record. Note: Enter debits before credits. Date General Journal Credit November 15, 2020 Record entry Clear entry View general journal Journal entry worksheet K1 8 9 10 112 13 14 15 Record payment of cash dividend. Note: Enter debits before credits. Debit Date December 01, 2020 General Journal Credit Record entry Clear entry View general journal