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Prepare the required journal entries for unrelated events

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Reference no: EM132472739

(Dividend Entries)

The following data were taken from the SFP accounts of Bedard Corporation on December 31, 2020:

Current assets                                                                                            $1,040,000

FV-NI investments                                                                                           824,000

Common shares (unlimited authorized, 600,000 shares issued and outstanding)         6,000,000

Contributed surplus                                                                                          350,000

Retained earnings                                                                                         1,840,000

Instructions

Question 1: Prepare the required journal entries for the following unrelated events in January 2021.

Point 1: A 6% stock dividend is declared at their fair value and distributed at a time when the shares' fair value is $48 per share.

Point 2: A 4-for-1 stock split is effected.

Point 3: A dividend in kind is declared on January 8, 2021, and paid on January 28, 2021, in FV-NI investments. The investments have a carrying amount of $160,000 (fair value at December 31, 2020) and a January 8 fair value of $165,000

Reference no: EM132472739

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