chapter 8 # 5

Exercise 8-16A (Algo) Determining the effects of stock splits on the accounting records LO 8-7 The makiet value of Yeates Corporation's common stock had become excessively high. The stock was curtenty selling for 5300 pet The mare. To reduce the market price of the common stock, Yeates declared a 5 tor-1 stock split for the 260,000 outstanding shares of its 510 pay vilue common stock. Hequired b. Determine the numbet of common sheres outstanding and the par value after the splt. (Round par value answer to 2 decimal piaces.)