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bandara gold inc. equity section on oct 31 2020 balance sheet showed following informtaion common share...

bandara gold inc. equity section on oct 31 2020 balance sheet showed following informtaion
common share unlimited shares authorized 1100000 shares issued and outstanding $1320000
retained earnings 133000
on nov. 5 2020 bandara board of directors declared a 3:1 share split to the shareholders of revord on jov 20 to be distrubuted on no 29 the market prices on shares on nov. 15,20and 29were $2.25 , $0.75 nad $.89 redp.
prepare the required entries on nov. 15 , 20 nad 29

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Answer #1

Journal entries:

Date Account title and Explanation Debit Credit
Nov 15 No Entry
Nov 20 No Entry
Nov 29 No Entry

Explanation:

No Journal entries for Stock split

  • To declare
  • To record and
  • To distribute

Thus, No entry on Nov 15, Nov 20 and Nov 29

Upon stock split. There is only change in Number of shares and value per share. Stock split is 3:1.

So, Number of shares after stock-split = 1,100,000 x 3 = 3,300,000 common shares.

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