I am confused on the journal entries that would need to be recorded:

Procter & Gamble is a well-known consumer products company that owns a variety of popular brands. A recent news article contained the following information:

CINCINNATI, March 9 /PRNewswire-FirstCall/The Procter & Gamble Company (NYSE: PG) today said that earnings per share for the January through March quarter as well as the fiscal year is expected to exceed current consensus estimates by $0.01 to $0.02. The increased earnings are being driven by continued strong organic volume growth.

Stock Dividend

The company also announced today that its board of directors approved a 10% stock dividend to shareholders of record on May 21. This move does not change the proportionate interest a shareholder maintains in the company. The additional shares will be distributed on June 18. In a separate action, the board declared an increase in the annual rate of its common stock dividend from $1.82 to $2.00 per share.

1.

Prepare any journal entries that P&G should make as the result of information in the preceding report. Assume that the company has 2,500 million shares outstanding, the par value is $1.00 per share, and the market value is $50 per share. (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).)

Date	General Journal	Debit	Credit
March 09	No Transaction Recorded
May 21	No Transaction Recorded
June 18	No Transaction Recorded