Recycled Metal Products Ltd. had the following shareholders' equity at October 31, 2020: (Click the...
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Recycled Metal Products Ltd. had the following shareholders' equity at October 31, 2020: (Click the icon to view the table.) On November 14, 2020, Recycled Metal Products Ltd. split its common shares 2 for 1 Required 1. Make the memorandum entry to record the stock split 2. Prepare the shareholders' equity section of the balance sheet immediately after the split. Requirement 1. Make the memorandum entry to record the stock split. On November 14, 2020, Recycled distributed one new common share for each old share previously outstanding. This increased the outstanding shares from shares to shares Shareholders' equity - X Common shares, unlimited shares authorized, 80,000 shares issued and outstanding $ 150,000 510,000 Retained earnings $ 660,000 Total shareholders' equity Print Done
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