Lincoln Corporation has 1,200,000 shares of common stock issued and outstanding with a $1.20 par value. If Lincoln declares a three-for-one stock split, how many new shares will be issued and what will the par value be?

1,000,000 shares and $1.20 par value

400,000 shares and $3.60 par value

3,000,000 shares and $3.60 par value

3,600,000 shares and $0.40 par value