Identifying, Analyzing, and Explaining the Effects of a Stock Split On September 1, Apstein Company has 840,000 shares of $9 par value ( $148 market value) common stock that are issued and outstanding. Its balance sheet on that date shows the following account balances relating to its common stock. Common stock $7,560,000 Paid-in capital in excess of par value 4,704,000 On September 2, Apstein splits its stock 3-for-2 and reduces the par value to $6 per share. a. How many shares of common stock are issued and outstanding immediately after the stock split? Answer 1 0 b. What is the dollar balance of the common stock account immediately after the stock split? $Answer 2 0 c. What is the likely reason that Apstein Company split its stock? The usual reason for a corporation to split its stock is to Answer 3 the share price of the stock