Coco-Cola Co. yesterday proposed a two-for-one stock split, announced record sales and earnings for the fourth quarter and full year of 1976 and said it would increase its quarterly dividend rate.

Board chairman J. Paul Austin said the sock split will be voted on at the company's annual meeting May 2. If approved, the split would bring total shares outstanding to approximately 122.2 million, and indicate quarterly and annual dividend rates of 38 1/2 cents and $1.5 respectively.

The directors also approved an increase in the quarterly dividend rate to 77 cents a share from the previous rate of 66 1/4 cents. The new dividend will be payable April 11 to stockholders of record March 16.

Net income for the fourth quarter of 1976 was $60.5 million ($1.01 a share) on sales $723.5 million compared with $48.8 million (82 cents) on sales of $637.6 million in 1975.

Net income for 1976 was $284.9 million ($4.76) on sales of $3.03 million compared with 1975 net income of $29.3 million ($4) on sales of $2.87 billion.

White Consolidated Industries, Inc., reported record earnings and sales for 1976. Net income rose by 10 per cent to $51.5 million ($4.11 a share) on sales of $1.25 billion from $46.9 million ($3.72) on $1.23 billion in sales in 1975. White officials credited the gains to its product diversification program.