The balance of the $0.50 par value common stock account for Patriot Company was $60,000 before its recent 3-for-1 stock split. The market price of the stock was $30 per share before the stock split. What occurred as a result of the stock split?

a. The balance in the retained earnings account decreased.

b. The balance in the common stock account was reduced to $20,000.

c. The market price of the stock was not affected.

d. The market price of the stock dropped to approximately $10 per share.