May Corporation had 37,000 shares of $17 par value common stock outstanding with a market value of $30 per share. Gino announced a three-for-one stock split. After the split, the par value of the stock: (Round your answer to the nearest cent.)
A) remained the same as before the split.
B) was increased by $34.00 per share.
C) was reduced to $5.67 per share.
D) was reduced to $8.50 per share.
Correct Answer:
Verified
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