On March 1 of the current year, Center Corporation has 500,000 shares of \(\$ 10\) par value common stock that are issued and outstanding. The general ledger shows the following account balances relating to the common stock:

On March 2, Center Corporation splits its stock 2 -for-1 and reduces the par value to \(\$ 5\) per share.

a. How many shares of common stock are issued and outstanding immediately following the stock split?

b. What is the balance in the Common Stock account immediately following the stock split?

c. What is the balance in the Paid-in Capital in Excess of Par Value account immediately following the stock split?

d. Is a journal entry required to record the forward stock split? If yes, prepare the entry.

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Common stock $5,000,000 Paid-in capital in excess of par value.. 3,500,000