Douglas McDonald Companys balance sheet included the following shareholders equity accounts at December 31, 2020:

	($ in millions)
Paid-in capital:
Common stock, 1,450 million shares at $1 par	$	1,450
Paid-in capitalexcess of par		16,900
Retained earnings		15,713
Total shareholders equity	$	34,063

On March 16, 2021, a 4% common stock dividend was declared and distributed. The market value of the common stock was $32 per share. Fractional share rights represented 4 million equivalent whole shares. Cash was paid in lieu of the fractional share rights. Required: 1. Complete the below table to calculate the value of shares issued. 2. Prepare the appropriate entries for the declaration and distribution of the stock dividend.

Required 1 Required 2 Complete the below table to calculate the value of shares issued. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Stock Dividend Number of outstanding shares Stock dividend percentage (%) Number of shares to be issued % $ 0 Value of stock dividend Amount paid in cash for fractional shares Value of shares issued $ 0 Journal entry worksheet 1 Record the declaration and distribution of the stock dividend. Note: Enter debits before credits. Event General Journal Debit Credit 1