Ray Inc. has 12,000 shares of $60 par common stock outstanding with a current market price of $100 per share. The board of directors declares a 6-for-1 stock split. A stockholder who owned 9 shares of $60 par stock before the split would now own _____ after the split.

a. 50 shares of $8 par stock

b. 34 shares of $9 par stock

c. 22 shares of $10 par stock

d. 54 shares of $10 par stock

Answer rating: 100% (QA)

Required solution Answer option 54 ... View the full answer