Bandara Gold Inc.'s equity section on the October 31, 2023, balance sheet showed the following information: Common shares, unlimited shares authorized, 1,100,000 shares issued and outstanding Retained earnings $1,320,000 133,000 On November 15, 2023, Bandara's board of directors declared a 3:1 share split to the shareholders of record on November 20 to be distributed on November 29. The market prices of the shares on November 15, 20, and 29 were $2.25, $0.75, and $0.89, respectively. Required: 1. Prepare the required entries for November 15, 20, and 29.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Bandara Gold Inc.'s equity section on the October 31, 2023, balance sheet showed the following information:
Common shares, unlimited shares authorized,
1,100,000 shares issued and outstanding
Retained earnings
On November 15, 2023, Bandara's board of directors declared a 3:1 share split to the shareholders of record on November
20 to be distributed on November 29. The market prices of the shares on November 15, 20, and 29 were $2.25, $0.75, and
$0.89, respectively.
$1,320,000
133,000
Required:
1. Prepare the required entries for November 15, 20, and 29.
Date
Note Disclosure
Amount
Transcribed Image Text:Bandara Gold Inc.'s equity section on the October 31, 2023, balance sheet showed the following information: Common shares, unlimited shares authorized, 1,100,000 shares issued and outstanding Retained earnings On November 15, 2023, Bandara's board of directors declared a 3:1 share split to the shareholders of record on November 20 to be distributed on November 29. The market prices of the shares on November 15, 20, and 29 were $2.25, $0.75, and $0.89, respectively. $1,320,000 133,000 Required: 1. Prepare the required entries for November 15, 20, and 29. Date Note Disclosure Amount
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education