Robinson's has 15,000 shares of stock outstanding with a par value of $1 per share and a market price of $25.50 a share.The balance sheet shows $15,000 in the common stock account,$325,000 in the capital in excess of par value account,and $189,000 in the retained earnings account.The firm just announced a 3-for-2 stock split.What will the market price per share be after the split?
A) $17.00
B) $24.00
C) $38.25
D) $40.50
E) $38.06
Correct Answer:
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