E11-3A Forward Stock split On March 1 of the current year, Sentry Corporation has 500,000 shares of $20 par value common stock that are used and outstanding. The general ledger shows that following account balances relating to the common stock: Common stock $10,000,000 Paid-in capital in excess of par value 3,400,000

On March 2, Sentry Corporation splits its stock 2 for 1 and reduces the par value to $10 per share.

Is a journal entry required to record the forward stock split? If yes, prepare the entry.