Lipton Travel, Inc. had the following shareholders' equity at May 31:
Shareholders' Equity
Share Capital:
Common Shares, 200,000 shares authorized,
50,000 shares issued and outstanding ............................ $600,000
Total Share Capital .................................................. $600,000
Retained Earnings ................................................... 200,000
Total Shareholders' Equity ........................................ $800,000
On June 30, Lipton Travel, Inc. split its common shares 2-for-1.
Requirement
1. Make any necessary entries to record the stock split.
2. Prepare the shareholders' equity section of the statement of financial position immediately after the split.