Question: On October 31, the stockholders' equity section of Pele Company's balance sheet consists of common stock $388,800 and retained earnings $434,500.
Pele is considering the following two courses of action:
(1) Declaring a 6% stock dividend on the 97,200 $4 par value shares outstanding
(2) Effecting a 2-for-1 stock split that will reduce par value to $2 per share.
The current market price is $13 per share.
Required: Prepare a tabular summary of the effects of the alternative actions on the company's stockholders' equity and outstanding shares.
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