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 recelve 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, 31.5 million shares of common stock, $.001 par per share, were outstanding.
Required: 1. Prepare the journal entry, if any, that Kinmi recorded at the time of the stock split.
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