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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Fundamental Financial Accounting Concepts
Authors: Thomas Edmonds, Christopher Edmonds
9th edition
9781259296802, 9781259296758, 78025907, 1259296806, 9781259296765, 978-0078025907
