Answered: For a recent 2-year period, the balance…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 16P: Treasury Stock, Cost Method Bush-Caine Company reported the following data on its December 31, 2018,...

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Question

For a recent 2-year period, the balance sheet of Carla Company showed the following stockholders’ equity data at December 31 (in millions).

	2020	2019
Additional paid-in capital	$ 970	$ 827
Common stock	560	555
Retained earnings	7,250	5,280
Treasury stock	1,620	868
Total stockholders’ equity	$7,160	$5,794

Common stock shares issued	224	222
Common stock shares authorized	500	500
Treasury stock shares	36	28

(a) Answer the following questions.

(1) What is the par value of the common stock? (Round par value to 2 decimal places, e.g. $3.15.)

Par value of common stock

$enter the par value of the common stock rounded to 2 decimal places

(2) What is the cost per share of treasury stock at December 31, 2020, and at December 31, 2019?

		December 31, 2020		December 31, 2019
Cost per share of Treasury stock		$enter a dollar amount		$enter a dollar amount

(b) Prepare the stockholders’ equity section at December 31, 2020.

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