Stock Dividends and Stock Splits Whitacre Company’s Stockholders’ Equity section of the balance sheet on December 31, 2007, was as follows:

On May 1, 2008, Whitacre declared and issued a 15% stock dividend, when the stock was selling for $20 per share. Then on November 1, it declared and issued a 2-for-1 stock split.
Required 1. How many shares of stock are outstanding at year-end?
2. What is the par value per share of these shares?
3. Develop the Stockholders’ Equity category of Whitacre’s balance sheet as of December 31, 2008.

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Common stock, $10 par value, 60,000 shares issued and outstanding Additional paid-in capital Retained earnings Total stockholders' equity $ 600,000 480,000 1,240,000 $2,320,000