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  3. on march 1 of the current year, sentry corporation

On March 1 of the current year, Sentry Corporation has 320,000 shares of $50 par...

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Accounting

On March 1 of the current year, Sentry Corporation has 320,000 shares of $50 par value common stock that are issued and outstanding.
The general ledger shows the following account balances relating to the common stock:
Common stock $16,000,000
Paid-in capital in excess of par value $6,800,000
On March 2, Sentry Corporation splits its stock 2-for-1 and reduces the par value to $25.00 per share.
a. How many shares of common stock are issued and outstanding immediately following the stock split? Answer 1
b. What is the balance in the Common Stock account immediately following the stock split? $Answer 2
c. What is the balance in the Paid-in Capital in Excess of Par Value account immediately following the stock split? $Answer 3
d. Is an entry required to record the forward stock split? Answer 4

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