UBL Financial Group provides personal and commercial banking, wealth management services, insurance,
and corporate and investment banking. [in March 3, 2111?, the companyr announced that its board of
directors had declared a stock dividend, which has the same effect as a two—tor-one split of its common
shares. The board of directors also declared a quarteltgrr common share cash dividend of $11.52 per share,
which represents $0.25 per share on a post—stock dividend basis. This dividend of $0.25 per share was
payable on May 24, 2111?, to common shareholders of record on April 25, 2111?. Required: 1. Prepare an; journal entries that UBC Financial should make as the result of information in the preceding
report. Assume that the companv has 1.3 million shares outstanding with a market value of $13.25 per
share and an average issue price of $5.61]. [If no entry is required for a transactionlevent, select
"Ho journal entry required" in the first account field. Enter your answers in dollars and not in
millions.)
