Jurgen’s Farms Inc. recently reported the following shareholders’ equity on its balance sheet:

Common shares, 250,000 shares authorized,
55,000 shares issued and outstanding ............................. $121,500
Retained earnings .................................................................. 210,500
Total shareholders’ equity ................................................... $332,000

Suppose Jurgen’s Farms split its common shares 2 for 1 to decrease the market price of its shares. The company’s shares were trading at $83.00 immediately before the split.

1. Prepare the shareholders’ equity section of Jurgen’s Farms Inc.’s balance sheet after the stock split on June 30, 2020.

2. Which account balances changed after the stock split? Which account balances remain unchanged?