NEXT Exercise 11-7 On October 31, the stockholders equity section of Cullumber Company's balance sheet consists of common stock $558,000 and retained earnings $403,000. Cullumber is considering the following two courses of action: (1) Declaring a 6% stock dividend on the 93,000 $6 par value shares outstanding (2) Effecting a 2-for-1 stock split that will reduce par value to $3 per share The current market price is $17 per share. Prepare a tabular summary of the effects of the alternative actions on the company's stockholders' equity and outstanding shares Cullumber Company's Balance Sheet Before Action After Stock Dividend After Stock Split Stockholders equity Paid-in capital Retained earning:s Total stockholders' equity s $i Outstanding shares LINK TO TEXT Question Attempts: 0 of 5 used