Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hanmi Financial Corporation is the parent company of Hanmi Bank. The company's stock split was announced in the following wire: LOS ANGELES Jan 20 BUSINESS

image text in transcribed
Hanmi Financial Corporation is the parent company of Hanmi Bank. The company's stock split was announced in the following wire: LOS ANGELES Jan 20 BUSINESS WIRE-Hanmi Financial Corporation (Nasdaq), announced that the Board of Directors has approved a two for one stock split, to be effected in the form of a 100 percent common stock dividend Hanmi Financial Corporation stockholders of record at the dose of business on January 31 will receive one additional share of common stock for every share of common stock then held. Distribution of additional shares issued as a result of the split is expected to occur on or about February 15, At the time of the stock split, 24.5 million shares of common stock. $0.001 par per share, were outstanding, Required: 1. Prepare the journal entry, if any, that Hanmi recorded at the time of the stock split, 3. Hanm's stock price had been $36 at the time of the split, what would be its approximate value after the split (other things equal? Complete this question by entering your answers in the tabs below. Required Prepare the journal entry, Wany, that Ramirecorded at the time of the stock split. If he entry is required for a transaction/want, cho jumst entry required in the first accounted to your answers in whole dollars) Vuw transactions View ournal my worksheet Deb No 2 Paldi in capital of Cock Required)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Routledge Handbook Of Environmental Accounting

Authors: Jan Bebbington, Carlos Larrinaga, Brendan O'Dwyer, Ian Thomson

1st Edition

0367724901, 9780367724900

More Books

Students also viewed these Accounting questions

Question

Brief the importance of span of control and its concepts.

Answered: 1 week ago

Question

What is meant by decentralisation?

Answered: 1 week ago

Question

=+1. Who is responsible for CSRfirms or their stakeholders? Why?

Answered: 1 week ago