On July 31, 2013, the Archer Company reported the following information in the equity section of their
Question:
On July 31, 2013, the Archer Company reported the following information in the equity section of their balance sheet:
Stockholders' equity
Common stock, $1.00 par, 500,000 shares authorized, 20,000 shares issued .........$20,000
Paid-in capital in excess of par ...........................................................................$1,180,000
Retained earnings ...............................................................................................$3,200,000
Total stockholder's equity ...................................................................................$4,400,000
Assume that Archer carries out a 3-for-1 stock split. Please prepare a similar equity section showing the effects of the stock split. (Please round all numbers to the nearest cent.)
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