View Policies Current Attempt in Progress On October 31, the stockholders' equity section of Cullumber Company consists of common stock $370,000 and retained earnings $904,000. Cullumber is considering the following two courses of action: (1) declaring a 6% stock dividend on the 37,000, $10 par value shares outstanding, or (2) effecting a 2-for-1 stock split that will reduce par value to $5 per share. The current market price is $16 per share. Prepare a tabular summary of the effects of the alternative actions on the components of stockholders' equity, outstanding shares, and par value per share. Before Action After Stock Dividend After Stock Split Stockholders' equity Paid-in capital Common stock $ $ | In excess of par 0 13320 0 Total paid-in capital 370000 405520 370000 Retained earnings 904000 868480 904000 Total stockholders' equity $ 1274000 $ 1274000 $ 1274000 Outstanding shares 37000 39220 74000 Par value per share $ 10 $ 10 $ 10