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Make the journal entries for the independent transactions

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On May 31, 2022, Novak 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, 930,000 issued, and outstanding)      $4,650,000

Contributed Surplus-Common Shares 1,320,000

Retained earnings 18,790,000

Question 1: Prepare the journal entries for the following independent transactions. (Record journal entries in the order presented in the problem.)

(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: EM132555973

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