Edie's Health and Beauty Supply has 135,000 shares of stock outstanding with a par value of $1 per share and a market value of $5 a share.The company has retained earnings of $76,500 and capital in excess of par of $340,000.The company just announced a 1-for-5 reverse stock split.How many shares of stock will be outstanding after the split?
A) 27,000 shares
B) 270,000 shares
C) 312,500 shares
D) 500,000 shares
E) 625,000 shares
Correct Answer:
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