Menzie Corporation has 150,000 common shares outstanding with a carrying value of $12 per share. Menzie declares

Question:

Menzie has 150,000 common shares outstanding with a carrying value of $12 per share. Menzie declares a 3-for-1 stock split.
(a). How many shares are outstanding after the split?
(b). What is the carrying value per share after the split?
(c). What is the total carrying value after the split?
(d). What journal entry is necessary to record the split?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...