On June 30, Sharper Corporations stockholders equity section of its balance sheet appears as follows before any stock dividend or split. Sharper declares and immediately distributes a 50% stock dividend. Common stock$10 par value, 50,000 shares issued and outstanding $ 500,000 Paid-in capital in excess of par value, common stock 200,000 Retained earnings 660,000 Total stockholders equity $ 1,360,000 Exercise 11-9 (Static) Stock split LO P2

Assume that instead of distributing a stock dividend, Sharper did a 3-for-1 stock split.

(1) Prepare the updated stockholders' equity section after the split.

(2) Compute the number of shares outstanding after the split.