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What is the retained earnings balance as of December

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Reference no: EM132843586

Problem - On December 31, 2020, Bruno Corporation reported the shareholders' equity accounts shown here (in millions):

Common shares, 1,800 million shares issued $2,700

Retained earnings 1,200

Total shareholders' equity $3,900

Bruno has a net income of $350 million for 2021. Bruno has the following share- related transactions in 2021.

Feb 1, 2021 Issuance of 6 million numbers of common shares for $12.50 per share.

Dec 1, 2021 Declaration of cash dividends of $25 million.

Dec 15, 2021 Record date.

Dec 31, 2021 Payment of cash dividends declared.

Required -

a. Prepare the journal entries for each transaction.

b. What's the retained earnings balance as of December 31, 2021?

c. What's the balance of the common shares as of December 31, 2021?

Reference no: EM132843586

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