At December 31, 2016, Western Corporation had 40,000 shares outstanding of $30 par value common stock. The shares were originally issued for $84 per share. On January 1, 2017, Western split its common stock 3 for 1 with a corresponding reduction in the stocks par value. The market price of the stock just before the split was $150 per share.

After the split, the balance in the common stock account is:

Group of answer choices

$6,000,000

$3,600,000

$1,200,000

$3,060,000