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Prepare the required journal entries

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Question - The following data were taken from the statement of financial position accounts of Cha-Cha Corporation on Dec 31, 2019.

Current Assets $ 270,000

Investments $ 312,000 Share

Capital - Ordinary (par Value $10) $300,000

Share Premium - Ordinary $75,000

Retained Earnings $420,000

Prepare the required Journal Entries for the following unrelated items!

1. A 5% share dividend is declared and distributed at a time when the market price of the shares is $39 per share.

2. The par value of the ordinary shares is reduced to $2 with a 5-for-1 share split.

3. A dividend is declared January 10, 2020 and paid January 28, 2020, in bonds held as an investment. The bonds have a book value of $ 0f $45,000 and a fair value $ 62,500.

Reference no: EM132542997

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