On June 13, the board of directors of Siewert Inc. declared a 2-for-1 stock split on its 100 million, $5 par, common shares, to be distributed on July 1. Themarketprice of Siewert common stock was $31 on June 13.
1. Prepare the journal entry to record the stock split if it is not to be effected in theformof a stock dividend.