FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow.
 

Stockholders’ Equity (January 1)  
Common stock—$5 par value, 100,000 shares authorized, 35,000 shares issued and outstanding $ 175,000
Paid-in capital in excess of par value, common stock 135,000
Retained earnings 340,000
Total stockholders’ equity $ 650,000

 

Stockholders’ Equity (December 31)  
Common stock—$5 par value, 100,000 shares authorized, 41,200 shares issued, 4,000 shares in treasury $ 206,000
Paid-in capital in excess of par value, common stock 178,400
Retained earnings ($30,000 restricted by treasury stock) 400,000
  784,400
Less cost of treasury stock (30,000)
Total stockholders’ equity $ 754,400


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 $12 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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