Exercise 11-16A (Algo) Determining the effects of stock splits on the accounting records LO 11-7 The market value of Yeates Corporation's common stock had become excessively high. The stock was currently selling for $300 per share. To reduce the market price of the common stock, Yeates declared a 5-for-1 stock split for the 260,000 outstanding shares of its $10 par value common stock. Required: b. Determine the number of common shares outstanding and the par value after the split. Note: Round par value answer to 2 decimal places