Turner Corporation has 150,000 shares of $12 par value common stock issued and outstanding. The board of directors of Turner Corporation declared a 3-for-1 stock split. Required:What dollar amount would be shown for common stock on the balance sheet after the stock split?
What will be an ideal response?
$1,800,000
Before split: 150,000 outstanding shares × Par value of $12 per share = $1,800,000
After split: 450,000 outstanding shares (or 150,000 shares × 3) × Par value of $4 per share = $1,800,000
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Indicate whether the statement is true or false
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A) introduction B) growth C) maturity D) decline
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What will be an ideal response?
What was the adjusted book balance?
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