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HanmI Financlal Corporation is the parent company of Hanml Bank. The company's stock split was announced In the following wire: LOS ANGELES January 20 BUSINESS
HanmI Financlal Corporation is the parent company of Hanml Bank. The company's stock split was announced In the following wire: LOS ANGELES January 20 BUSINESS WIRE-Hanml Financlal Corporatlon (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. Hanml Financial Corporation stockholders of record at the close of business on January 31 will recelve 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. Requlred: 1. Prepare the journal entry, If any, that Hanml recorded at the time of the stock split. 2. If Hanmi'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. Prepare the journal entry, if any, that Hanmi recorded at the time of the stock split. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions. Journal entry worksheet Record the stock split effected in the form of a stock dividend. Note: Enter debits before credits
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