Exercise $18-20($Algo$)$ Stock split; Rina Financial Corporation $[$LO$188]$

Rina Financial Corporation is the parent company of Rina Bank. The company's stock split was announced in the following wire:

LOS ANGELES January $20$ BUSINESS WIRE$-$Rina Financial Corporation $($Nasdaq$),$ announced that the Board of Directors has approved a two$-$for$-$one stock split, to be effected in the form of a $100$ percent common stock dividend. Rina Financial Corporation stockholders of record at the close of business on January $31$ will receive one additional share of common stock for every share of common stock then held. Distribution of additional shares issued as a result of the split is expected to occur on or about February $15.$

At the time of the stock split, $44\mathrm{.}5$ million shares of common stock, $$0\mathrm{.}001$ par per share, were outstanding.

Required:

Prepare the journal entry, if any, that Rina recorded at the time of the stock split.

If Rina's stock price had been $$56$ at the time of the split, what would be its approximate value after the split $($other things equal$)?$

Complete this question by entering your answers in the tabs below.

Required $1$

Prepare the journal entry, if any, that Rina recorded at the time of the stock split.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in tl whole dollars and not in millions.

Journal entry worksheet

$1$

Record the stock split effected in the form of a stock dividend.pm