The common stock of Monty Inc. is currently selling at $$126$ per share. The directors wish to reduce the share price and increase share

volume prior to a new issue. The per share par value is $$10$; book value is $$69$ per share. $8\mathrm{.}60$ million shares are issued and outstanding.

Prepare the necessary journal entries assuming the following. $($Enter amounts in dollars. Credit account titles are automatically indented

when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

$($a$)$ The board votes a $2-$for$-1$ stock split.

$($b$)$ The board votes a $100\%$ stock dividend.

No$.$ Account Titles and Explanation

Debit

Credit

$($a$)$

Common Stock Dividend Distributable

$($b$)$

Retained Earnings

longrightarrow

Common Stock Dividend Distributable