Procter & Gamble is a well-known consumer products company that owns a variety of popular bra… Assignment Help

  

Procter & Gamble is a well-known consumer products companythat owns a variety of popular brands. A recent news articlecontained the following information:  CINCINNATI, March 9 /PRNewswire-FirstCall/—The Procter &Gamble Company (NYSE: PG) today said that earnings per share forthe January through March quarter as well as the fiscal year isexpected to exceed current consensus estimates by $0.01 to $0.02.The increased earnings are being driven by continued strong organicvolume growth.  StockDividend  The company also announced today that its board of directorsapproved a 10% stock dividend to shareholders of record on May 21.This move does not change the proportionate interest a shareholdermaintains in the company. The additional shares will be distributedon June 18. In a separate action, the board declared an increase inthe annual rate of its common stock dividend from $1.82 to $2.00per share.Required:1.Prepare any journal entries that P&G should make as theresult of information in the preceding report. Assume that thecompany has 2,500 million shares outstanding, the par value is$1.00 per share, and the market value is $50 per share. (Ifno entry is required for a transaction/event, select “No journalentry required” in the first account field. Enter your answers inmillions (i.e., 10,000,000 should be entered as 10).)Record the appropriate journal entry on March 9.Record the appropriate journal entry on May 21.Record the appropriate journal entry on June 18

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