Question

($ in eees) $120,000 720,000 990,800 Common stock, 120 million shares at $1 par Paid-in capital-excess of par Retained earnings a. November 1, 2018, the board of directors declared a cash dividend of $0.80 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 $3.6 million, but were purchased two years previously for $3.2 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 On July 2 019, 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 800,000 equivalent whole shares. 1, 2019, the board of directors declared a cash dividend of $0.80 per share on its common shares, payable to d. On November shareholders of record November 15, to be paid December 1 e. On January 15, 2020, the board of directos declared and distributed a 3-for-2 stock split e ected n the form of a 50% stock n November 1, 2020, the board of directors declared a cash dividend of $0.65 per share on its common shares, payable to shareholders of record November 15, to be paid December 1. dividend when the market value of the common stock was $20 per share Check my wor Required: 1. Prepare the journal entries that Branch-Rickie recorded during the three-year perlod for these transactions. 2. Prepare comparative statements of shareholders' equity for Branch-Rickie for the three-year period. Net income was $430 million $495 million, and $555 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 1 2 3 4 5 6 7 8. 15 Check my we BRANCH-RICKIE CORPORATION Statement of Shareholders' Equity For the Years Ended Dec. 31, 2018, 2019, and 2020 Total Retained Shareholders Stock Paid-in Capital EarningsShareholders Common Additional Jan. 1, 2018 Net income Cash dividends Dec. 31, 2018 Property dividends Common stock dividend Net income Cash dividends Dec. 31, 2019 3-for-2 split effected in the form of a stock dividend Net income Cash dividends Dec. 31, 2020

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