Element Corporation reported the following equity section on its current balance sheet. The common stock is currently selling for $20.25 per share. Common Stock, $5 par, 337,000 shares authorized, 157,000 shares issued and $785,000 outstanding Paid-In Capital in Excess of Par-Common 140,000 Retained Earnings 301,000 Total Stockholders' Equity $1,226,000 After a 2-for-1 stock split, what is the number of issued shares? A. 280,000 B. 314,000 C. 297,000 D. 140,000

Cornerstones of Financial Accounting
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ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
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Element Corporation reported the following equity section on its current balance sheet. The
common stock is currently selling for $20.25 per share.
Common Stock, $5 par, 337,000 shares authorized, 157,000 shares issued and
$785,000
outstanding
Paid-In Capital in Excess of Par-Common
140,000
Retained Earnings
301,000
Total Stockholders' Equity
$1,226,000
After a 2-for-1 stock split, what is the number of issued shares?
A. 280,000
B. 314,000
C. 297,000
D. 140,000
Transcribed Image Text:Element Corporation reported the following equity section on its current balance sheet. The common stock is currently selling for $20.25 per share. Common Stock, $5 par, 337,000 shares authorized, 157,000 shares issued and $785,000 outstanding Paid-In Capital in Excess of Par-Common 140,000 Retained Earnings 301,000 Total Stockholders' Equity $1,226,000 After a 2-for-1 stock split, what is the number of issued shares? A. 280,000 B. 314,000 C. 297,000 D. 140,000
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