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Determining the effects of stock splits on the accounting records LO 8-7 The market value...

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Accounting

Determining the effects of stock splits on the accounting records LO 8-7 The market value of Yeates Corporations common stock had become excessively high. The stock was currently selling for $240 per share. To reduce the market price of the common stock, Yeates declared a 3-for-1 stock split for the 100,000 outstanding shares of its $10 par value common stock. Required: Determine the number of common shares outstanding and the par value after the split. (Round par value answer to 2 decimal places.)

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