UBL Financial Group provides personal and commercial banking, wealth management services, insurance, and corporate and investment banking. On March 3, 2017, the company announced that its board of directors had declared a stock dividend, which has the same effect as a two-for-one split of its common shares. The board of directors also declared a quarterly common share cash dividend of $0.52 per share, which represents $0.26 per share on a post-stock dividend basis. The stock dividend, as well as the cash dividend of $0.26, were payable on May24, 2017, to common shareholders of record on April 25, 2017.

Required:1.prepare any journal entries that UBC Financial should make as the result of information in the preceding report. Assume that the company has 1.3 million shares outstanding with a market value of $13.25 per share and an average issue price of $5.60.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars and not in millions.)