Nike is the worlds leading designer, marketer, and distributor of authentic athletic footwear, apparel, equipment, and accessories. The following is a press release from the company:

NIKE, INC. ANNOUNCES 11 PERCENT INCREASE IN QUARTERLY DIVIDEND

BEAVERTON, Ore.(BUSINESS WIRE)NIKE, Inc. (NYSE: NKE) announced today that its Board of Directors has approved a quarterly cash dividend of $0.20 per share. . . . This represents an increase of 11 percent versus the prior quarterly dividend rate of $0.18 per share. The dividend declared today is payable on January 2, to shareholders of record at the close of business December 4. Todays announcement, combined with the four-year $12 billion share repurchase program we announced . . ., 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 growth and profitability.

- Assume Nike repurchased 50 million shares after the stock split at an average price of $59 per share. The original issue price of the shares, after adjusting for the six stock splits since the shares were issued, was $0.15 per share. What entry would Nike have recorded to account for the repurchase? Nike views the repurchase of stock as a formal retirement of shares.

please note : the orignal issue price needs to factored, and the retained earning will be entered as well