Required information [The following information applies to the questions displayed below.] On June 30, Sharper Corporation's 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, 80,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 800,000 350,000 735,000 $ 1,885,000 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. Assume that instead of distributing a stock sprit (1) Prepare the updated stockholders' equity section after the split. (2) Compute the number of shares outstanding after the split. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the updated stockholders' equity section after the split. SHARPER CORPORATION Stockholders' Equity Section of the Balance Sheet June 30 Retained earnings Common stock-$10 par value Paid-in capital in excess of par value, common stock Total stockholders' equity $ 335,000 X 1,200,000 X 350,000 $ 1,885,000 Required 1 Required 2 > 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the number of shares outstanding after the split. Number of common shares outstanding 120,000