Question: Inter Company declared and issued a 5% stock dividend on May 1, 2011. Before this dividend was declared and issued, there were 120,000 shares of

Inter Company declared and issued a 5% stock dividend on May 1, 2011. Before this dividend was declared and issued, there were 120,000 shares of $0.50 par common stock outstanding. After the stock dividend, how many shares are outstanding? What is the par value of each share?

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