Light Touch, Inc. has 110,000 shares of $8 par common stock outstanding. On July 1, the board of directors declared a two-for-one stock split. Prepare the memorandum entry in the general journal indicating the new par value and the total number of outstanding shares of common stock.

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The Answer of Light Touch, Inc. has 110,000 shares of $8 par common stock outstanding. On July 1, the board of directors declared a two-for-one stock split. Prepare the memorandum entry in the general journal indicating the new par value and the total number of outstanding shares of common stock.