On July 31, 2017, Archer, Inc. reported the following information in the equity section of their balance sheet:

Stockholders' Equity:
Common Stock, $1.00 par, 500,000 shares authorized, 20,000 shares issued and outstanding	$20,000
Paid-In Capital in Excess of Par—Common	1,180,000
Retained Earnings	3,200,000
Total Stockholder's Equity	$4,400,000

Assume that Archer splits its common stock 3-for-1.  Prepare an equity section of the balance sheet that shows the effects of the stock split. (Please round all numbers to the nearest cent.)

Stockholders' equity:

Common stock, $0.xx par, xx shares authorized,

xx shares issued and outstanding                                           $xx

Paid-In Capital in Excess of Par—Common                             xx

Retained Earnings                                                                     xx

Total Stockholder's Equity                                                       $xx

Answer rating: 100% (QA)

1 Archer splits its common stock 3for1 2 Outstanding shares in market will triple 2000... View the full answer