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ABC Corporation has 185,000 common shares outstanding with a carrying value of $20 per share. ABC declared a 1-for-5 reverse stock split Required: 1) How

ABC Corporation has 185,000 common shares outstanding with a carrying value of $20 per share. ABC declared a 1-for-5 reverse stock split

Required:

1) How many shares are outstanding after the reverse split?

2) What is the carrying value per share after the reverse split?

3) What is the total carrying value after the reverse split?

4) What journal entry is necessary to record the reverse split?

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