Exercise $11-16$A $($Algo$)$ Determining the effects of stock splits on the accounting records LO $11-7$

The market value of Yeates Corporation$$s common stock had become excessively high. The stock was currently selling for $$330$ per share. To reduce the market price of the common stock, Yeates declared a $3-$for$-1$ stock split for the $290,000$ outstanding shares of its $$10$ par value common stock.

Required

b$.$ Determine the number of common shares outstanding and the par value after the split.