Reference no: EM132669039

The shareholders' equity accounts of Bramble Inc. have the following balances on December 31, 2020:

Common shares, 310,000 shares issued and outstanding $8,680,000

Contributed surplus 2,900,000

Retained earnings 41,800,000

Common shares are currently trading on the Toronto Stock Exchange at $55.

Problem 1: A stock dividend of 15% is declared and issued at the fair value of the shares. Prepare the appropriate journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Problem 2: A stock dividend of 100% is declared and issued at the fair value of the shares. Prepare the appropriate journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Problem 3: A 2-for-1 stock split is declared and issued. Prepare the appropriate journal entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)