Before a 3-for-2 stock split, the shares outstanding were 60,000 shares at $15 par. After the split, what was the par value and number of shares? (Round any intermediary calculations to two decimal places, and your final answer to the nearest whole number.)
A) 90,000 shares and $23/share
B) 90,000 shares and $10/share
C) 40,000 shares and $23/share
D) 40,000 shares and $10/share
B) 90,000 shares and $10/share
Explanation: shares outstanding × 3/2 for shares; par value × 1.50 for par; ex: 60,000 × 3/2 = 90,000 shares; $15 / 1.50 = $10/share
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