A firm has 2,710,000 authorized shares, 510,000 issued shares, and 420,000 outstanding shares before completing a...
A firm has 2,710,000 authorized shares, 510,000 issued shares, and 420,000 outstanding shares before completing a stock split. The shares have a par value of $0.14 before the stock split. The firm completes a forward 2-for-1 split. What is the value in the common stock account before the stock split?
Homework Answers
Number of outstanding shares = 420,000
Par value before the stock split = $0.14 per share
Value in the common stock account before the stock split = Number of outstanding shares x Par value before the stock split
= 420,000 x 0.14
= $58,800
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