Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2024-2026. At December 31, 2023, the corporation's accounts included: Common stock, 103 million shares at $1 par Paid-in capital-excess of par Retained earnings ($ in thousands) $ 103,000 612,000 820,000 a. November 1, 2024, the board of directors declared a cash dividend of $0.90 per share on its common shares, payable to shareholders of record November 15, to be paid December 1. b. On March 1, 2025, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie was holding as an investment. The bonds had a fair value of $1.7 million, but were purchased two years previously for $1.5 million. Because they were intended to be held to maturity, the bonds had not been previously written up. The property dividend was payable to shareholders of record March 13, to be distributed April 5. c. On July 12, 2025, the corporation declared and distributed a 5% common stock dividend (when the market value of the common stock was $20 per share). Cash was paid in lieu of fractional shares representing 150,000 equivalent whole shares. d. On November 1, 2025, the board of directors declared a cash dividend of $0.90 per share on its common shares, payable to
Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2024-2026. At December 31, 2023, the corporation's accounts included: Common stock, 103 million shares at $1 par Paid-in capital-excess of par Retained earnings ($ in thousands) $ 103,000 612,000 820,000 a. November 1, 2024, the board of directors declared a cash dividend of $0.90 per share on its common shares, payable to shareholders of record November 15, to be paid December 1. b. On March 1, 2025, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie was holding as an investment. The bonds had a fair value of $1.7 million, but were purchased two years previously for $1.5 million. Because they were intended to be held to maturity, the bonds had not been previously written up. The property dividend was payable to shareholders of record March 13, to be distributed April 5. c. On July 12, 2025, the corporation declared and distributed a 5% common stock dividend (when the market value of the common stock was $20 per share). Cash was paid in lieu of fractional shares representing 150,000 equivalent whole shares. d. On November 1, 2025, the board of directors declared a cash dividend of $0.90 per share on its common shares, payable to
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 10MC
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