Determining the effects of stock splits on the accounting records
The market value of Coe Corporation's common stock had become excessively high. The stock was currently selling for $180 per share. To reduce the market price of the common stock, Coe declared a 2-for-l stock split for the 300,000 outstanding shares of its $10 par common stock.
Required
a. How will Coe Corporation's books be affected by the stock split?
b. Determine the number of common shares outstanding and the par value after the split.
c. Explain how the market value of the stock will be affected by the stock split.
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