SPINOFF: WPX Energy from the Williams Companies

Issue: How do I enter the spinoff of WPX Energy from the Williams Companies?

Cause: Williams Companies split the company into Williams Companies and WPX Energy. The Williams Companies is considered the parent company.
The cost basis allocation information can be found on the WPX Energy web site at:
http://www.wpxenergy.com/images/uploads/WPX_Distribution_Letter.pdf

Resolution:
This action is a simple spinoff transaction in the accounting software. The information below is based on the information available from the cost basis allocation information on the WPX Energy web site

The Spinoff Entry
Go to Transactions > Spinoff or Accounting > Securities > Record spinoff of securities depending on the version of the software being used. If you are unfamiliar with spinoff transactions you can get help at this url: http://www.iclub.com/support/kb/default.asp?page=normal_spinoff
Here is the information you need to complete the spinoff.

Date: 12/30/2011
Select Parent Security (or Parent Company) : Williams Companies (WMB)
Remaining Basis Percentage: 81.52
Cash received: See your broker statement for cash-in-lieu received
Spinoff Security (or Symbol of New Company) : WPX Energy (WPX) Shares received : .3333 x (#of WMB shares owned) (Remember to include fractional shares.)
For example, if you owned 100 WMB shares, you should receive .3333 x 100 = 33.33 WPX shares.
Price Per Share : 18.25
Save the transaction and the spinoff has been entered.