
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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7
The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow.
Common stock—$6 par value, 100,000 shares authorized, 35,000 shares issued and outstanding | $ 210,000 |
---|---|
Paid-in capital in excess of par value, common stock | 170,000 |
320,000 | |
Total stockholders’ equity | $ 700,000 |
Stockholders’ Equity (December 31) | |
---|---|
Common stock—$6 par value, 100,000 shares authorized, 41,000 shares issued, 5,000 shares in treasury | $ 246,000 |
Paid-in capital in excess of par value, common stock | 218,000 |
Retained earnings ($40,000 restricted by |
400,000 |
864,000 | |
Less cost of treasury stock | (40,000) |
Total stockholders’ equity | $ 824,000 |
The following transactions and events affected its equity during the year.
January 5 | Declared a $0.50 per share cash dividend, date of record January 10. |
---|---|
March 20 | Purchased treasury stock for cash. |
April 5 | Declared a $0.50 per share cash dividend, date of record April 10. |
July 5 | Declared a $0.50 per share cash dividend, date of record July 10. |
July 31 | Declared a 20% stock dividend when the stock’s market value was $14 per share. |
August 14 | Issued the stock dividend that was declared on July 31. |
October 5 | Declared a $0.50 per share cash dividend, date of record October 10. |
4. What is the per share cost of the treasury stock purchased? (Round your answer to 2 decimal places.)
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