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(This information is used to help with problem #9 below),Stock Dividends The company with the common equity accounts shown here,has declared an 12 percent stock dividend at a time when the market value of its stock is $35 per share. ,,Common stock ($1 par value) $ 350,000,Capital surplus 1,650,000,Retained earnings 3,000,000,Total owners’ equity $5,000,000,,,9. Stock Splits In the previous problem, suppose the company instead decides on a five-for-one stock split. The firm’s 70-cent per share cash dividend on the new(post-split) shares represents an increase of 10 percent over last year’s dividend on the pre-split stock. What effect does this have on the equity accounts? What was last year’s dividend per share?