MBC LOS E11-3A. Forward Stock Split On March 1 of the current year, Center Corporation has 500,000 shares of $10 par value common stock that are issued and outstanding. The general ledger shows the follow ing account balances relating to the common stock: Common stock Paid-in capital in excess of par value. $5,000,000 3,500,000 On March 2, Center Corporation splits its stock 2-for-1 and reduces the par value to $5 per share. How many shares of common stock are issued and outstanding immediately following the stock a b. 6 d. split? What is the balance in the Common Stock account immediately following the stock split? What is the balance in the Paid-in Capital in Excess of Par Value account immediately follow- ing the stock split? Is a journal entry required to record the forward stock split? If yes, prepare the entry.