On January 1, 2024, Bramble Enterprises Inc. had 77,000 common shares, recorded at $385,000. The company follows IFRS. During the year, the following transactions occurred: Apr. 1 June 15 Sept. 21 Nov. 1 Dec. 20 Issued 5,000 common shares at $7 per share. Declared a 5% stock dividend to shareholders of record on September 5, distributable on September 20. The shares were trading for $9 a share on June 15. Announced a 1-for-2 reverse stock split. Shares were trading at $7 per share at the time. Issued 3,000 common shares at $18 per share. Repurchased 10,000 common shares for $16 per share. This was the first time Bramble had repurchased its own shares.
On January 1, 2024, Bramble Enterprises Inc. had 77,000 common shares, recorded at $385,000. The company follows IFRS. During the year, the following transactions occurred: Apr. 1 June 15 Sept. 21 Nov. 1 Dec. 20 Issued 5,000 common shares at $7 per share. Declared a 5% stock dividend to shareholders of record on September 5, distributable on September 20. The shares were trading for $9 a share on June 15. Announced a 1-for-2 reverse stock split. Shares were trading at $7 per share at the time. Issued 3,000 common shares at $18 per share. Repurchased 10,000 common shares for $16 per share. This was the first time Bramble had repurchased its own shares.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 1, 2024, Bramble Enterprises Inc. had 77,000 common shares, recorded at $385,000. The company follows IFRS. During
the year, the following transactions occurred:
Apr. 1
June
15
Sept.
21
Nov. 1
Dec.
20
(a)
Issued 5,000 common shares at $7 per share.
Declared a 5% stock dividend to shareholders of record on September 5, distributable on September 20. The shares
were trading for $9 a share on June 15.
Announced a 1-for-2 reverse stock split. Shares were trading at $7 per share at the time.
Issued 3,000 common shares at $18 per share.
Repurchased 10,000 common shares for $16 per share. This was the first time Bramble had repurchased its own shares.
Your answer is partially correct.
Record each of the transactions. Keep a running balance of the average per share amount of the common shares. (Credit account
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