Prepare journal entries to account for the transactions

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Question - YZ Corporation had the following balances in its equity accounts at December 31, 2014.

Common shares, unlimited shares authorized, 25,000 shares issued, and outstanding $200,000

Retained earnings 235,000

During 2015, the following equity transactions occurred:

a. April 24: The board of directors declared a 3:1 share split on this date.

b. September 15: A 10% share dividend was declared when the market value was $15 per share, to be paid on December 17.

c. December 17: Date of distribution regarding the 10% share dividend.

d. December 31: Closed the dividend account.

e. December 31: Closed the Income summary account. A net income of $30,000 was recorded.

Required - Prepare journal entries to account for the transactions during 2015. Enter an appropriate description when entering the transactions in the journal.

Reference no: EM132723562

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