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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.