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Hanmi Financial Corporation is the parent company of Hanmi Bank. The company's stock split was announced in the following wire:

LOS ANGELES January $20$ BUSINESS WIRE$-$Hanmi 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. Hanmi 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, $24\mathrm{.}5$ million shares of common stock, $$0\mathrm{.}001$ par per share, were outstanding.

Required:

Prepare the journal entry, if any, that Hanmi recorded at the time of the stock split.

If Hanmi's stock price had been $$36$ at the time of the split, what would be its approximate value after the split $($other things equal$)?$

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Required $1$

Prepare the journal entry, if arry, that Hanmi recorded at the time of the stock split.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions.

Journal entry worksheet

$1$

Record the stock split effected in the form of a stock dividend.

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