NIKE, INC. ANNOUNCES 11 PERCENT INCREASE IN QUARTERLY DIVIDEND BEAVERTON, OR (BUSINESS WIRE) NIKE, Inc. (NYSE: NKE) announced today that its Board of Directors has approved a quarterly cash dividend of 30.20 per share. . . . This represents an increase of 11 percent vereas the prior quarterly dividend rate of 40.18 per share. The dividend declared today is payable on January 2, 2018, to shareholders of record at the close of buances December 1, 2017. Today's announcement combined with the four year $12 billion there repurchase program we announced in 2015, demonstrates our continued confidence in generating strong cash flow and returns for shareholders through our new Consumer Direct Offense as we continue to invest in fueling sustainable, long term crowd and profitability." Real World Financials When the there repurchase program was announced the company also declared a stock split distributed in the form of a 100% stock dividend. At that time Nike's 1,200 million shares were trading at $130 per share. Nike's shares have a stated value of $0.001 per share. Required: 1. How did Nike account for the stock split? Prepare the appropriate journal entry, 2. Aspare Nike repurchased 50 million shares after the stock split at an average price of $59 per share. The original itmake price of the shares, after adjusting for the 6 stock splits since the shares were issued, was $0.15 per share. What entry would Nike have recorded to Page 1099 hecount for the repurchase? Nike views the repurchase of stock as a formal retirement of shares. 3. Suppose Nike views the repurchase of mock as an acquisition of treasury stock. What entry would Nike have recorded to account for the repurchase? 4. How should Nike account for the cash dividend announced in the press release? Prepare the entries for the declaration and for the payment of the dividend