On July 31,2017,Archer,Inc Assume That Archer Splits Its Common Stock 3-For-1

question 108

Essay

On July 31,2017,Archer,Inc.reported the following information in the equity section of their balance sheet:
$\begin{array}{|l|r|}\hline \text { Stockholders' Equity: } & \\\hline \text { Common Stock, } \$ 1.00 \text { par, } 500,000 \text { shares authorized, } 20,000 \text { shares issued } & \\\text { and outstanding } & \$ 20,000 \\\hline \text { Paid-In Capital in Excess of Par-Common } & 1,180,000 \\\hline \text { Retained Earnings } & 3,200,000 \\\hline \text { Total Stockholder's Equity } & \$ 4,400,000\\\hline \end{array}$ 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. )

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