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Prepare the journal entries for the independent transactions

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Question - On May 31, 2022, Bridgeport Landscaping's common shares were trading for $15, and the company had the following shareholder's equity accounts:

Common Shares (no par value, unlimited authorized, 970,000 issued, and outstanding) $4,850,000

Contributed Surplus-Common Shares 1,190,000

Retained earnings 20,270,000

Required - Prepare the journal entries for the following independent transactions.

a. A stock dividend of 20% is declared on June 1, 2022 at their fair value and issued on June 30 to the shareholders of record on June 15. The common shares were trading for $15 on June 1, 2022. (Use Dividends.)

b. A stock dividend of 100% is declared on June 1, 2022 at their fair value and issued on June 30 to the shareholders of record on June 15. The common shares were trading for $15 on June 1, 2022. (Use Dividends.)

c. A 2-for-1 stock split is declared on June 1, 2022 at their fair value and issued on June 30 to the shareholders of record on June 15.

Reference no: EM132772080

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