Exercise 11-16A (Algo) Determining the effects of stock splits on the accounting records LO 11-7 The market value of Yeotes Corporation's common stock had become excessively high. The stock was currently seling for s410 per share. To reduce the market price of the common stock, Yeates declared a 5-for-1 stock split for the 370,000 outstanding shares of its $8 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