Robinson’s has 48,000 sha

Robinson’s has 48,000 sha

Robinson’s has 48,000 shares of stock outstanding with a par value of $1.00 per share and a market price of $54 a share. The balance sheet shows $48,000 in the common stock account, $520,000 in the paid in surplus account, and $540,000 in the retained earnings account. The firm just announced a 3-for-1 stock split. How many shares of stock will be outstanding after the split?

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