Reference no: EM133143449
Question - On September 30, 2020, Red Synapse Corporation's shareholders' equity section shows the following balances.
Red Synapse Corporation Balance Sheet (partial) As at September 30, 2020
Shareholders' Equity
Contributed Capital
Common shares, unlimited shares authorized, 32,000 shares issued and outstanding $64,000
Retained Earnings $680,000
Total Shareholders' Equity $744,000
Do not enter dollar signs or commas in the input boxes.
Scenario 1 - On September 30, 2020, after preparing the shareholders' equity section shown above, the company declared and immediately distributed a 80% stock dividend. The market price on the date of declaration was $8. The company recorded the stock dividends by debiting retained earnings.
a) Calculate the ending balance of retained earnings after the stock dividend.
b) Prepare the shareholders' equity section of balance sheet as at September 30, 2020 (after the stock dividend has been distributed).
Scenario 2 - On September 30, 2020, after preparing the shareholders' equity section shown at the beginning of this question (excluding Scenario 1), the company implemented a 4-for-1 stock split. For this scenario, assume that the stock dividend in scenario 1 did not happen; consider only the original balance sheet.
a) Calculate the number of outstanding shares.
b) Prepare the shareholders' equity section of the balance sheet as at September 30, 2020 (after the stock split).
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