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Question 2: Dividends and reserve transfers Emu Company at the end of the financial year...

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Accounting

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Question 2: Dividends and reserve transfers Emu Company at the end of the financial year 2017 conducted the following transactions. 1) Payment of an interim dividend of $250,000 (in cash). 2) Declaration of a final dividend of $500,000. 3) Transfer of $62,000 from the surplus to general reserve. 4) Transfer of $200,000 to the general reserve from retained earnings. 5) Payment of $250,000 bonus shares fully paid at $1 per share from a general reserve Required: Prepare journal entries to record the above transactions for Emu Company Solution

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