The market value of Yeates Corporation’s common stock had become excessively high. The stock was currently selling for $390 per share. To reduce the market price of the common stock, Yeates declared a...

The market value of Yeates Corporation’s common stock had become excessively high. The stock was currently selling for $390 per share. To reduce the market price of the common stock, Yeates declared a 5-for-1 stock split for the 350,000 outstanding shares of its $12 par value common stock.

Required:

1. 
   

   Determine the number of common shares outstanding and the par value after the split.