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On July 1, 2015, the board of directors of The Grayson Group, declared and paid a 4% share dividend on its 70 million common shares. The market price of The Grayson Group common shares was $20 on July 1, 2015.
Problem a) Prepare the journal entry to record the share dividend. Please make sure all dollar amounts are in millions and rounded to 2 decimal places. Enter an appropriate description, and enter the date in the format dd/mmm (ie. 15/Jan).
Problem b) Assume a 2-for-1 share split instead of the 4% share dividend. Prepare the journal entry on July 1, 2015 to record the share split. Please make sure all dollar amounts are in millions and rounded to 2 decimal places. Enter an appropriate description, and enter the date in the format dd/mmm (ie. 15/Jan).
Problem c) What is the number of shares outstanding after the split in part b? Round to the nearest million.
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