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Atlas Maps has the following equity account balances: common stock of $21,000 with a $1 par value, capital surplus of $67,000, and retained earnings of
Atlas Maps has the following equity account balances: common stock of $21,000 with a $1 par value, capital surplus of $67,000, and retained earnings of $216,000. The stock has a market value of $16 a share. Assume the firm does a 2-for-1 stock split. How many shares of stock will be outstanding after the split? (Hint: Before the split, number of shares outstanding = book value of common stock / par value per share.)
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