On june 30, sharper corporationâs stockholders' equity section of its balance sheet appears as follows before any stock dividend or split.
sharper declares and immediately distributes a 50% stock dividend. common stockâ$10 par value, 120,000 shares authorized, 86,000 shares issued and outstanding $ 860,000 paid-in capital in excess of par value, common stock 380,000 retained earnings 750,000 total stockholdersâ equity $ 1,990,000.

assume that instead of distributing a stock dividend, sharper did a 3-for-1 stock split.

required:

(1) prepare the updated stockholders' equity section after the split.

(2) compute the number of shares outstanding after the split.