At December 31, 2016, Western Corporation had 40,000 shares outstanding of $30 par value common stock....
At December 31, 2016, Western Corporation had 40,000 shares outstanding of $30 par value common stock. The shares were originally issued for $84 per share. On January 1, 2017, Western split its common stock 3 for 1 with a corresponding reduction in the stock’s par value. The market price of the stock just before the split was $150 per share.
After the split, the balance in the common stock account is:
Group of answer choices
$6,000,000
$3,600,000
$1,200,000
$3,060,000
Homework Answers
After stock split Number of share outstanding will increase to = 40,000 x 3 = 120,000, and the par value per share will decrease to = $30 / 3 = $10.
Thus, after stock split the balance in the common stock is = 120,000 shares x $10 par value = $1,200,000
Answer:
$1,200,000
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