A corporation, which had 15,000 shares of common stock outstanding, declared a 3-for-1 stock split.
(a) What will be the number of shares outstanding after the split?
(b) If the common stock had a market price of $240 per share before the stock split, what would be an approximate market price per share after the split?
(c) Journalize the entry to record the stock split.
Here are your answers:
a) after the split, there will be 45,000 shares