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a Company has 100,000 shares of $10 par value common stock outstanding that was originally issued for $18 per share

/in /by

a Company has 100,000 shares of $10 par value common stock outstanding that was originally issued for $18 per

share. In the current year, when the price of this stock increased to $60 per share, the company’s board of directors issued a two-for-one stock split. The price of the stock immediately fell to $30 per share. By what amount should the company reduce its Retained Earnings balance as a result of this split?

a zero

b 1 million

c 3 million

d 6 million

share

 
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