The Chu Company currently has 500,000 shares of $1 par value common stock authorized with 200,000 shares outstanding. The board of directors declared a 2-for-l split on May 15, when the market value of the common stock was $2.50 per share. The retained earnings balance on May 15 was $700,000. Paid-in capital in excess of par value, common on this date was $20,000. Prepare the stockholders' equity section of the company's balance sheet before and after the stock split. What entry, if any, would be necessary to record the stock split?L01