Python Metal Products Ltd$.$ reported the following shareholders' equity at October $31,2023$:

$($I$)($Click the icon to view the shareholders' equity data.$)$

On November $14,2023,$ Python Metal Products Ltd$.$ split its common shares $2$ for $1.$

Required

Make the memorandum entry to record the share split.

Prepare the shareholders' equity section of the balance sheet immediately after the split.

Requirement $1.$ Make the memorandum entry to record the share split.

On November $14,2023,$ Python distributed one new common share for each old share previously outstanding.

Number of shares issued and outstanding before the share split:

Number of shares issued and outstanding after the share split:

Shareholders' equity

$\backslash$table$[[$Common shares, unlimited shares authorized, $80,000$ shares issued and outstanding$],[$Retained earnings,,$480,000],[$Total shareholders' equity,$$,720,000]]$