On June 30, Sharper Corporations stockholders' equity section of its balance sheet appears as follows before any
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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, 66,000 shares issued and outstanding | $ 660,000 |
|---|---|
| Paid-in capital in excess of par value, common stock | 280,000 |
| Retained earnings | 700,000 |
| Total stockholders equity | $ 1,640,000 |
(1) Prepare the updated stockholders' equity section after the distribution is made.
(2) Compute the number of shares outstanding after the distribution is made.
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