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On June 30, Sharper Corporations stockholders' equity section of its balance sheet appears as follows...

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Accounting

On June 30, Sharper Corporations stockholders' equity section of its balance sheet appears as follows before any stock dividend or split. Sharper declares and immediately distributes a 50% stock dividend. I only need the answer for the first line "common stock-$10 par value thanks you

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Common stock-$10 par value, 120,000 shares authorized, 56,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 560,000 230,000 675,000 $1,465,000 Exercise 13-6 Large stock dividend LO P2 Required: (1) Prepare the updated stockholders' equity section after the distribution is made. (2) Compute the number of shares outstanding after the distribution is made. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the updated stockholders' equity section after the distribution is made. SHARPER CORPORATION Stockholders' Equity Section of the Balance Sheet June 30 Common stock-$10 par value Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 230,000 395,000 625,000

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