[The following information applies to the questions displayed below.] Bacon Inc. has the following stockholders' equity

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The Following Information Applies To The Questions Displayed Below Bacon Inc Has The Following Stockholders Equity 1 (34.26 KiB) Viewed 33 times

[The following information applies to the questions displayed below.] Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 $16,800,000 Paid-in capital: Preferred stock, $120 par value, 9%, cumulative, 200,000 shares authorized, 140,000 shares issued and outstanding Common stock, $5 par value, 1,000,000 shares authorized, 600,000 and 540,000 shares issued, respectively Additional paid-in capital Retained earnings Less: Treasury common stock, at cost; 72,000 shares and 68,000 shares, respectively Total stockholders' equity Par value Number of shares $ $ 7 750,000.00 60,000 26,100,000. 36,200,000 (4,412,000) ? April 30, 2019 g. Assume that instead of the stock dividend described in f, the board of directors authorized a 2-for-1 stock split on June 1 when the market price of the common stock was $70 per share. $16,800,000 2,700,000 23,220,000 34,640,000 1. What will be the par value, and how many shares of common stock will be authorized after the split? (Round "Par value" answer to 2 decimal places.) Answer is complete but not entirely correct. (4,148,000) $73,212,000