Robinson's Has 15,000 Shares of Stock Outstanding with a Par

Multiple Choice

Robinson's has 15,000 shares of stock outstanding with a par value of $1.00 per share and a market price of $36 a share. The balance sheet shows $15,000 in the common stock account,$315,000 in the capital in excess of par account,and $189,000 in the retained earnings account. The firm just announced a 3-for-2 stock split. How many shares of stock will be outstanding after the split?

A) 10,000 shares
B) 12,500 shares
C) 20,000 shares
D) 22,500 shares
E) 27,500 shares