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On September 1, Reedy Company has 500,000 shares of $30 par value ($330 market value) common stock that are issued and outstanding. Its balance sheet on that date shows the following account balances relating to its common stock:
Common stock 15,000,000
Paid-in capital in excess of par value .. 9,000,000
On September 2, Reedy splits its stock 3-for-2 and reduces the par value to $20 per share.
Question 1: How many shares of common stock are issued and outstanding immediately after the stock split?
a. 500,000 shares
b. 333,333 shares
c. 750,000 shares
d. 15,000,000 shares
Financial Statement Analysis and Preparation
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