Use the following information to answer. On September 1, 2019, CNN Company's balance sheet indicates there are 1,800,000 shares of $120 par value common shares in the Common Stock account and $18,000,000 in the Additional Paid-in Capital account. There are 4,000,000 shares authorized. On September 2, CNN splits its stock 2 for 1.
-How many shares of CNN common stock are issued and outstanding immediately after the stock split?
A) 1,200,000
B) 4,800,000
C) 3,600,000
D) 16,000,000
Correct Answer:
Verified
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