Bandara Gold Inc's equity section on the October 31, 2023, balance sheet showed the following information: Common shares, unlimited shares authorized, 700,000 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 $2.35, $0.80, and $0.98, respectively. Required: 1. Prepare the required entries for November 15, 20, and 29. Date Nov 15 Nov 20 Nov 29 $1,890,000 136,000 Note Disclosure Amount 2. Prepare the equity section on the November 30, 2023, balance sheet, assuming profit earned during November 2023 was $281,000
Bandara Gold Inc's equity section on the October 31, 2023, balance sheet showed the following information: Common shares, unlimited shares authorized, 700,000 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 $2.35, $0.80, and $0.98, respectively. Required: 1. Prepare the required entries for November 15, 20, and 29. Date Nov 15 Nov 20 Nov 29 $1,890,000 136,000 Note Disclosure Amount 2. Prepare the equity section on the November 30, 2023, balance sheet, assuming profit earned during November 2023 was $281,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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