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Determine the number of common shares outstanding

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The market value of Yeates Corporation's common stock had become excessively high. The stock was currently selling for $380 per share. To reduce the market price of the common stock, Yeates declared a 4-for-1 stock split for the 340,000 outstanding shares of its $10 par value common stock.

Required:

Problem 1: Determine the number of common shares outstanding and the par value after the split. (Round par value answer to 2 decimal places.)

Reference no: EM132802931

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