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E15-13 (Stock Split and Stock Dividend) The common stock of Alexander Hamilton Inc. is currently selling at $120 per share.
E15-13 (Stock Split and Stock Dividend) The common stock of Alexander Hamilton Inc. is currentlyselling at $120 per share. The directors wish to reduce the share price and increase share volume prior toa new issue. The per share par value is $10; book value is $70 per share. Nine million shares are issuedand outstanding.InstructionsPrepare the necessary journal entries assuming the following.(a) The board votes a 2-for-1 stock split.(b) The board votes a 100% stock dividend.(c) Briefly discuss the accounting and securities market differences between these two methods ofincreasing the number of shares outstanding.