17. The balance of the no par value common share account for Patrice Company was $240,000,000 before its recent 2-for-1 stock split. The market price of the shares was $50 per share before the stock split. What occurred as a result of the stock split? a.The market price of the shares was not affected. b.The balance in the common share account was increased. c.The market price of the shares dropped to approximately $25 per share. d.The balance in the retained earnings account decreased.
17. The balance of the no par value common share account for Patrice Company was $240,000,000 before its recent 2-for-1 stock split. The market price of the shares was $50 per share before the stock split. What occurred as a result of the stock split? a.The market price of the shares was not affected. b.The balance in the common share account was increased. c.The market price of the shares dropped to approximately $25 per share. d.The balance in the retained earnings account decreased.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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17.
The balance of the no par value common share account for Patrice Company was $240,000,000 before its recent 2-for-1 stock split. The market price of the shares was $50 per share before the stock split. What occurred as a result of the stock split?
a.The market price of the shares was not affected.
b.The balance in the common share account was increased.
c.The market price of the shares dropped to approximately $25 per share.
d.The balance in the retained earnings account decreased.
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