Use the following information for the Exercises 8-9 below. (Algo)

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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, 86,000 shares issued and outstanding	$ 860,000
Paid-in capital in excess of par value, common stock	380,000
Retained earnings	750,000
Total stockholders equity	$ 1,990,000

Exercise 13-8 (Algo) Large stock dividend LO P2

(1) Prepare the updated stockholders' equity section after the distribution is made.

(2) Compute the number of shares outstanding after the distribution is made.