What will the market price per share be after the split

Question

Problem:

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.

Requirement:

Question: What will the market price per share be after the split?

Choose one:

• $18
• $24
• $42
• $48
• $54

Note:  Please answer in proper manner and show all computations