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Identifying, Analyzing, and Explaining the Effects of a Stock Split On September 1, Apstein...

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Accounting

Identifying, Analyzing, and Explaining the Effects of a Stock Split
On September 1, Apstein Company has 300,000 shares of $9 par value ($148 market value) common
stock that are issued and outstanding. Its balance sheet on that date shows the following account bal-
ances relating to its common stock.
On September 2, Apstein splits its stock 3-for-2 and reduces the par value to $6 per share.
a. How many shares of common stock are issued and outstanding immediately after the stock split?
b. What is the dollar balance of the common stock account immediately after the stock split?
c. What is the likely reason that Apstein Company split its stock?
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