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Prepare journal entries for bonus issue

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Reference no: EM132861217

Question - Corporation: Transactions Subsequent to Formation - The shareholders' equity accounts of Makeover Corporation on December 31, 2021 follow:

Ordinary Share Capital, 20 par, 60,000 shares 1,200,000

Share Premium 650,000

Retained Earnings 900,000

Shares of the company are selling this time at 30.

Required - Prepare journal entries for each of the following independent cases.

(a) A bonus issue of 10% is declared and issued.

(b) A bonus issue of 20% is declared and issued.

Reference no: EM132861217

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