Business, 18.01.2021 14:00, ForbesDrew

Douglas McDonald Company’s balance sheet included the following shareholders’ equity accounts at December 31, 2017: ($ in millions)
Paid-in capital:
Common stock, 1,550 million shares at $1 par $ 1,550
Paid-in capital—excess of par 17,100
Retained earnings 15,863
Total shareholders’ equity $ 34,513
On March 16, 2018, a 4% common stock dividend was declared and distributed. The market value of the common stock was $34 per share. Fractional share rights represented 3 million equivalent whole shares. Cash was paid in lieu of the fractional share rights.
Required:
1. Complete the below table to calculate the value of shares issued.
2. Prepare the appropriate entries for the declaration and distribution of the stock dividend.

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Douglas McDonald Company’s balance sheet included the following shareholders’ equity accounts at Dec...