[The following information applies to the questions displayed below.] On June 30, Sharper Corporations stockholders'...
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Accounting
[The following information applies to the questions displayed below.] On June 30, Sharper Corporations stockholders' equity section of its balance sheet appears as follows before any stock dividend or split. Sharper declares and immediately distributes a 50% stock dividend.
Common stock$10 par value, 120,000 shares authorized, 82,000 shares issued and outstanding
$
820,000
Paid-in capital in excess of par value, common stock
360,000
Retained earnings
740,000
Total stockholders equity
$
1,920,000
Exercise 11-6 Large stock dividend LO P2
Required: (1) Prepare the updated stockholders' equity section after the distribution is made. (2) Compute the number of shares outstanding after the distribution is made.
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