Required information

Use the following information for the Exercises below.

[The following information applies to the questions displayed below.] 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, 120,000 shares authorized, 62,000 shares issued and outstanding	$	620,000
Paid-in capital in excess of par value, common stock		260,000
Retained earnings		690,000
Total stockholders equity	$	1,570,000

Assume that instead of distributing a stock dividend, Sharper did a 3-for-1 stock split. Required: (2) Compute the number of shares outstanding after the split.

Number of common shares outstanding:____________________

Exercise 11-7 Stock split LO P2

Assume that instead of distributing a stock dividend, Sharper did a 3-for-1 stock split. Required: (1) Prepare the updated stockholders' equity section after the split. (2) Compute the number of shares outstanding after the split.