Refer to the information in Exercise 13-8. Assume that instead of distributing a stock dividend, Sharper did a 3-for-1 stock split. After the split, 

(1) Prepare the updated stockholders’ equity section and 

(2) Compute the number of shares outstanding

Data From Exercise 13-8

On June 30, Sharper Corporation’s 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. After the distribution is made, 

(1) Prepare the updated stockholders’ equity section and 

(2) Compute the number of shares outstanding.

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$ 500,000 Common stock-$10 par value, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock .... Retained earnings...... Total stockholders' equity .... .. 200,000 660,000 $1,360,000