On May 31 2008, Donald Co. has 100,000 shares of $9 par value common stock issued and outstanding. The balance sheet reports account balances as follows:
Common stock: $ 900,000
Paid in capital in excess of par value: 2,000,000
On June 2, the company splits its stock 2-for-1.
a. How many shares of common stock are issued and outstanding immediately after the stock split? What is the par value of common stock after the split?
b. What is the balance of common stock account immediately after the stock split?
c. What is the balance in Paid in capital (in excess of par value) after the stock split?