On September 1, Apstein Company has 360,000 shares of $9 par value ($148 market value) common stock
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Question:
On September 1, Apstein Company has 360,000 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 | $3,240,000 |
| Paid-in capital in excess of par value | 2,016,000 |
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?
b. What is the dollar balance of the common stock account immediately after the stock split?
Expert Answer:
a No of shares of common stock issued and outstanding immediately after the stock split No o... View the full answer
Related Book For 
Financial Accounting
ISBN: 978-0132889711
1st Canadian Edition
Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper
Posted Date:
