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What the entry to record the split should

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Rich Ltd. declares a 3 for 1 stock split on its class A common shares. There are 12,000,000 shares authorized and 6,000,000 shares outstanding. The book value of each share at the time of the declaration is $12 and the quoted market value in the Toronto newspapers is $16.

Problem 1: The entry to record the split should:

a. Debit retained earnings

b. None of the above

c. Debit some other shareholders equity account

d. Credit retained earnings

e. Debit a liability account

Reference no: EM132830606

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