Analyzing a Stock Split

Landry Inc. has 60,000 shares of common stock, $1 par outstanding. On September 30, 2020, Landry declares a 2-for-1 stock split when the fair value of its common stock is $30 per share. Distribution of the shares will be on October 15, 2020.

a. Prepare the journal entry for the declaration of the stock split on September 30, 2020. b. Prepare the journal entry for the distribution of the stock split on October 15, 2020.

Note: If a journal entry isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero).