The following is a portion of the Statement of Shareholders? Equity from Cisco Systems? July 29, 2017

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The following is a portion of the Statement of Shareholders? Equity from Cisco Systems? July 29, 2017 annual report.

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Required:1. How does Cisco account for its share buybacks? Treasury stock or retired shares?2. For its share buybacks in the period shown, was the price Cisco paid for the shares repurchased (a) more or (b) less than the average price at which Cisco had sold the shares previously?3. Reconstruct the journal entry Cisco used to record the buyback. The par amount of Cisco?s shares is $0.001.4. What two amounts caused the change in Cisco?s comprehensive income for the period shown?5. What was the amount of Accumulated other comprehensive income (loss) that Cisco reported in its July 29, 2017 balance sheet?

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Intermediate Accounting

ISBN: 978-1260481952

10th edition

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

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