Question
The market value of Yeates Corporation's common stock had become excessively high. The stock was currently selling for $360 per share. To reduce the market
The market value of Yeates Corporation's common stock had become excessively high. The stock was currently selling for $360 per share. To reduce the market price of the common stock, Yeates declared a 3-for-1 stock split for the 400,000 outstanding shares of its $10 par value common stock.
Required
- Determine the number of common shares outstanding and the par value after the split.(
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Financial Accounting Fundamentals
Authors: John Wild, Ken Shaw, Barbara Chiappetta
6th edition
1259726916, 978-1259726910
