Exercise 15-10 For a recent 2-year period, the balance sheet of Coronado Company

Question

Exercise 15-10 For a recent 2-year period, the balance sheet of Coronado Company showed the following stockholders' equity data at December 31 (in millions) 2017 2016 Additional paid-in capital Common stock Retained earnings Treasury stock $980 657 7,250 1,672 $7,215 $827 651 5,320 864 $5,934 Total stockholders' equity Common stock shares issued Common stock shares authorized Treasury stock shares 217 500 27 219 500 (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 (2) What is the cost per share of treasury stock at December 31, 2017, and at December 31, 2016? December 31, 2017 December 31, 2016 Cost per share of Treasury stock

Explanation / Answer

a) Par value of common stock = 651/217 = 3 per share

b) Calculate cost per share of treasury stock :

Prepare shareholder's equity section :

December 31,2017 December 31,2016 Cost per share of treasury stock 1672/38 = 44 864/27 = 32

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