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, 43.5 million shares of common stock, $0.001 par per share, were outstanding. Required: 1. Prepare the journal entry, if any, that Rina recorded at the time of the stock split. 2. If Rina's stock price had been $55 at the time of the split, what would be its approximate value after the split (other things equal)?

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, 43.5 million shares of common stock, $0.001 par per share, were outstanding. Required: 1. Prepare the journal entry, if any, that Rina recorded at the time of the stock split. 2. If Rina's stock price had been $55 at the time of the split, what would be its approximate value after the split (other things equal)?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 4MC: Effective May 1, the shareholders of Baltimore Corporation approved a 2-for-1 split of the companys...

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