On May 3, Steele Record Company has declared a three-for-one stock split. The common stock has a par value of $6.00. There are 750,000 shares authorized and 6,000 shares issued of which 5,000 shares are outstanding. The market value on May 3 is $8.50 per share. How many shares will be outstanding, and what will be the par value after the new shares have been issued? a. 15,000 shares at $2.00 par value b. 18,000 shares at $2.00 par value c. 12,000 shares at $3.00 par value d. 10,000 shares at $3.00 par value