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Problem - On August 1, 2021, Boise Company's balance sheet indicates there are 2,000,000 shares of $12 par value common shares in the Common Stock account and $25,000,000 in the Additional Paid-in Capital account. There are 10,000,000 shares authorized. On August 2, Boise splits its stock 4 for 1. How many of Boise's shares of common stock are issued and outstanding immediately after the stock split?
a. 4,000,000
b. 8,000,000
c. 500,000
d. 2,000,000
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