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tabitha |0file:///C/Users/tabitha/Desktop/Exam%20-%20week%205%20(includes %2OChapters%201 t12), 1 ml CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION3 Partially correct 1.00 points out of 200 Flag question Question text Forward Stock Split on September 1 Okford Company has 290 000 shares of $15 pa r value common stock that are issued and outstanding The general ledger shows the following account balances relating to the common stock Common stock $4.350,000 Paid-in capital in excess of par value 2 250,000 On September 2, Oxford splts its stock 3-for-2 and reduces the par value to $10 per share a How many shares of common stock are issued and outstanding immediately following the stock split? Answer870,000 b What is the balance in the Common Stock account immediately following the stock split? CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 4 Incorrect 0 00 points out of 1.00 Flag question :42 AM

Explanation / Answer

a) Common stock issued and outstanding immediately following the stock split = 290000*3/2 = 435000 shares

b) Common stock account balance = 435000*10 = 4350000

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