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Prepare the appropriate journal entries

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Question - The shareholders' equity accounts of Whispering Winds Inc. have the following balances on December 31, 2020:

Common shares, 320,000 shares issued and outstanding $5,120,000

Contributed surplus 3,600,000

Retained earnings 43,000,000

Common shares are currently trading on the Toronto Stock Exchange at $61.

Required -

a) A stock dividend of 10% is declared and issued at the fair value of the shares. Prepare the appropriate journal entries.

b) A stock dividend of 100% is declared and issued at the fair value of the shares. Prepare the appropriate journal entries.

c) A 2-for-1 stock split is declared and issued. Prepare the appropriate journal entry.

Reference no: EM132714367

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