Effect of Stock Split
Gino's Restaurant Corporation wholesales ovens and ranges to restaurants throughout the Midwest. Gino's Restaurant Corporation, which had 51,000 shares of common stock outstanding, declared a 3-for-1 stock split.
a. What will be the number of shares outstanding after the split?
shares
b. If the common stock had a market price of $180 per share before the stock split, what would be an approximate market price per share after the split?
$ per share