Bacon Inc. has the following stockholders’ equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 April 30, 2019 Paid-in capital: Preferred stock, $120 par value, 9%, cumulative, 200,000 shares authorized, 140,000 shares issued and outstanding $ 16,800,000 $ 16,800,000 Common stock, $5 par value, 1,000,000 shares authorized, 600,000 and 540,000 shares issued, respectively ? 2,700,000 Additional paid-in capital 26,100,000 23,220,000 Retained earnings 36,200,000 34,640,000 Less: Treasury common stock, at cost; 72,000 shares and 68,000 shares, respectively (4,412,000 ) (4,148,000 ) Total stockholders' equity $ ? $ 73,212,000 c. What was the average cost per share of the common stock purchased for the treasury during the month?
Bacon Inc. has the following stockholders’ equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 April 30, 2019 Paid-in capital: Preferred stock, $120 par value, 9%, cumulative, 200,000 shares authorized, 140,000 shares issued and outstanding $ 16,800,000 $ 16,800,000 Common stock, $5 par value, 1,000,000 shares authorized, 600,000 and 540,000 shares issued, respectively ? 2,700,000 Additional paid-in capital 26,100,000 23,220,000 Retained earnings 36,200,000 34,640,000 Less: Treasury common stock, at cost; 72,000 shares and 68,000 shares, respectively (4,412,000 ) (4,148,000 ) Total stockholders' equity $ ? $ 73,212,000 c. What was the average cost per share of the common stock purchased for the treasury during the month?
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 16E: Contributed Capital Adams Companys records provide the following information on December 31, 2019:...
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Question
Bacon Inc. has the following
May 31, 2019 | April 30, 2019 | |||||
Paid-in capital: | ||||||
$ | 16,800,000 | $ | 16,800,000 | |||
Common stock, $5 par value, 1,000,000 shares authorized, 600,000 and 540,000 shares issued, respectively | ? | 2,700,000 | ||||
Additional paid-in capital | 26,100,000 | 23,220,000 | ||||
36,200,000 | 34,640,000 | |||||
Less: |
(4,412,000 | ) | (4,148,000 | ) | ||
Total stockholders' equity | $ | ? | $ | 73,212,000 | ||
c. What was the average cost per share of the common stock purchased for the treasury during the month?
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