A firm has 3,490,000 authorized shares, 520,000 issued shares, and 340,000 outstanding shares before completing a...
A firm has 3,490,000 authorized shares, 520,000 issued shares, and 340,000 outstanding shares before completing a stock split. The shares have a par value of $0.09 before the stock split. The firm completes a reverse 2-to-1 split. What is the value in the common stock account after the stock split?
Homework Answers
Total shares issued = 520,000
Total shares outstanding = 340,000
Shares Reverse split as 2-to-1.
Total shares after split = 340,000/2 = 170,000
Value of shares after reverse split = 170,000 * 0.09 = 15,300
Remaining shares = 520,000-340,000 = 180,000
Value of these shares = 180,000 * 0.09 = 16,200
Total value in the common stock accout after stock split = 16,200+15,300 = 31,500.
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