Required information [The following information applies to the questions displayed below.] Bacon Inc. has the following

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Required Information The Following Information Applies To The Questions Displayed Below Bacon Inc Has The Following 1 (40.54 KiB) Viewed 29 times

Required information [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 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 $16,800,000 Par value Number of shares 7 26,100,000 36,200,000 (4,412,000) $ ? April 30, 2019 $16,800,000 2,700,000 23,220,000 34,640,000 (4,148,000) $73,212,000 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. 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.)