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On May 3 , Steele Record Company has declared a three - for - one stock split. The common stock has a par value of
On May Steele Record Company has declared a threeforone stock split. The common stock has a par value of $ There are shares authorized and shares issued of which shares are outstanding. The market value on May is $ per share. How many shares will be outstanding, and what will be the par value after the new shares have been issued?
a shares at $ par value
b shares at $ par value
c shares at $ par value
d shares at $ par value
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