Kinmi Financial Corporation is the parent company of Kinmi Bank. The company's stock split was announced in the following wire:LOS ANGELES Jan. 20 BUSINESS WIRE-Kinmi Financial Corporation (Nasdag), announced that the Board of Directors has approved atwo-for-one stock split, to be effected in the form of a 100 percent common stock dividend. Kinmi Financial Corporation stockholdersof record at the close of business on January 31 will receive one additional share of common stock for every share of common stockthen 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, 25.5 million shares of common stock, $0.001 par per share, were outstanding.Required:1. Prepare the journal entry, if any, that Kinmi recorded at the time of the stock split.3. If Kinmi's stock price had been $37 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 1Required 3Prepare the journal entry, if any, that Kinmi recorded at the time of the stock split. (If no entry is required for a transaction/event, select"No journal entry required" in the first account field. Enter your answers in whole dollars.)View transaction listJournal entry worksheet Kinmi Financial Corporation is the parent company of Kinmi Bank. The company's stock split was announced in the following wire:LOS ANGELES Jan. 20 BUSINESS WIRE-Kinmi Financial Corporation (Nasdag), announced that the Board of Directors has approved atwo-for-one stock split, to be effected in the form of a 100 percent common stock dividend. Kinmi Financial Corporation stockholdersof record at the close of business on January 31 will receive one additional share of common stock for every share of common stockthen 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, 25.5 million shares of common stock, $0.001 par per share, were outstanding.Required:1. Prepare the journal entry, if any, that Kinmi recorded at the time of the stock split.3. If Kinmi's stock price had been $37 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 1Required 3If Kinmi's stock price had been $37 at the time of the split, what would be its approximate value after the split (other thingsequal)? (Enter your answer in dollars rounded to 2 decimal places.)Approximate valueper share< Required 1

A stock split is a decision by a company's board of directors to increase the number of shares that…

Kinmi Financial Corporation is the parent company of Kinmi Bank. The company's stock split was announced in the following wire: LOS ANGELES Jan. 20 BUSINESS WIRE-Kinmi 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. Kinmi 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, 25.5 million shares of common stock, $0.001 par per share, were outstanding. Required: 1. Prepare the journal entry, if any, that Kinmi recorded at the time of the stock split. 3. If Kinmi's stock price had been $37 at the time of the split, what would be its approximate value after the split (other things equal)?

Kinmi Financial Corporation is the parent company of Kinmi Bank. The company's stock split was announced in the following wire: LOS ANGELES Jan. 20 BUSINESS WIRE-Kinmi 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. Kinmi 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, 25.5 million shares of common stock, $0.001 par per share, were outstanding. Required: 1. Prepare the journal entry, if any, that Kinmi recorded at the time of the stock split. 3. If Kinmi's stock price had been $37 at the time of the split, what would be its approximate value after the split (other things equal)?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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