Exercise 18-21 (Algo) Cash in lieu of fractional share rights (L018-8] Douglas McDonald Company's balance sheet included the following shareholders' equity accounts at December 31, 2020: ($ in millions) Paid-in capital: Common stock, 1,300 million shares at $1 par Paid-in capital-excess of par Retained earnings Total shareholders' equity $ 1,300 16,600 15,488 $33,388 On March 16, 2021, a 4% common stock dividend was declared and distributed. The market value of the common stock was $29 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. Complete this question by entering your answers in the tabs below. 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).) 1,300 4 % Stock Dividend Number of outstanding shares Stock dividend percentage (%) Number of shares to be issued x Market value per share Value of stock dividend Amount paid in cash for fractional shares 52 $ 29 $ 1,508 116 1,392 Value of shares issued $ Exercise 18-21 (Algo) Cash in lieu of fractional share rights (LO18-8] Douglas McDonald Company's balance sheet included the following shareholders' equity accounts at December 31, 2020: ($ in millions) Paid-in capital: Common stock, 1,300 million shares at $1 par Paid-in capital-excess of par Retained earnings Total shareholders' equity $ 1,300 16, 600 15,488 $33,388 On March 16, 2021, a 4% common stock dividend was declared and distributed. The market value of the common stock was $29 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate entries for the declaration and distribution of the stock dividend. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) View transaction list View journal entry worksheet X No Event General Journal Debit Credit 1 1 1,058 Common stock 52 Paid-in capital - excess of par 1,006