Exercise 11-16A (Algo) Determining the effects of stock splits on the accounting records LO 11-7

The market value of Yeates Corporations common stock had become excessively high. The stock was currently selling for $390 per share. To reduce the market price of the common stock, Yeates declared a 5-for-1 stock split for the 350,000 outstanding shares of its $12 par value common stock. Required b. Determine the number of common shares outstanding and the par value after the split. (Round par value answer to 2 decimal places.)