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Which of the following occurs when the board of directors declares a 3-for-1 stock split on 17,000 outstanding shares of $24 par common stock? The par value of the stock increases to $48 per share. The number of outstanding shares remains at 17,000. O The number of outstanding shares increases to 51,000. O The par value of the stock remains the same.

Which of the following occurs when the board of directors declares a 3-for-1 stock split on 17,000 outstanding shares of $24 par common stock? The par value of the stock increases to $48 per share. The number of outstanding shares remains at 17,000. O The number of outstanding shares increases to 51,000. O The par value of the stock remains the same.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following occurs when the board of directors declares a 3-for-1 stock split on 17,000 outstanding shares of $24 par common stock? The par value of the stock increases to $48 per share. The number of outstanding shares remains at 17,000. The number of outstanding shares increases to 51,000. The par value of the stock remains the same.
Transcribed Image Text:Which of the following occurs when the board of directors declares a 3-for-1 stock split on 17,000 outstanding shares of $24 par common stock? The par value of the stock increases to $48 per share. The number of outstanding shares remains at 17,000. The number of outstanding shares increases to 51,000. The par value of the stock remains the same.
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