The Colson Company currently has 200,000 ordinary shares of 1 nominal value outstanding. There LO 6 Share Split are 500,000 shares authorised. The board of directors declared a 2 for 1 split on May 15, when the market value of the shares was 2.50 per share. The Retained Earnings balance on May 15 was 700,000 . Share Premium on this date was 20,000 .

Prepare the shareholders' equity section of the company's balance sheet before and after the share split. What journal entry, if any, would be necessary to record the share split?