On July 31, 2017, Archer, Inc reported the following information in the equity section of their balance sheet
Stockholders' Equity:
Common Stock, $1.00 par, 500,000 shares authorized, 20,000 shares issued and outstanding $20,000
Paid-In Capital in Excess of Par-Common 1,180,000
Retained Earnings 3,200,000
Total Stockholder's Equity $4,400,000
Assume that Archer splits its common stock 3-for-1. Prepare an equity section of the balance sheet that shows the effects of the stock split. (Please round all numbers to the nearest cent.)
What will be an ideal response
Stockholders' equity:
Common stock, $0.33 par, 1,500,000 shares authorized,
60,000 shares issued and outstanding $20,000
Paid-In Capital in Excess of Par—Common 1,180,000
Retained Earnings 3,200,000
Total Stockholder's Equity $4,400,000
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