#24) Theta Products Company reported the following stockholders' equity on its balance sheet.

Stockholders' Equity(Dollars and shares in millions)December 31,

20152014

Convertible preferred stock-$1.50 par value; authorized 55 shares; issued and outstanding:

2015 and 2014-8 and 16 shares, respectively $12 $24

Common stock-$4 per share par value; authorized 1,200shares;

issued: 2015 and 2014-500 and 400

shares, respectively 2,000 1,600

Additional paid-in capital 2,500 1,710

Retained earnings 6,200 5,010

Treasury stock, common-at cost 2015-46 shares; 2014-16 shares (1,104) (364)

Total stockholders' equity 9,608 7,992

Total liabilities and stockholders' equity $50,233 $46,742

Requirements

1. What caused Theta's preferred stock to decrease during 2015? cite all possible causes

Preferred stockholders could have__________(Converted or retired) their preferred stock to _______________(Common stock, or Stock dividends, or treasury stock). The second possibility is that the company __________________ ( retired, or sold or split) preferred stock shares.

2.What caused Theta's common stock to increase during 2015? Identify all possible causes.

3.How many shares of Theta's common stock were outstanding at Dec 31,2015?

4.Theta's net income during 2015 was $1,375 million. How much were Theta's dividends during the year?

5. During 2015, Theta's sold no treasury stock. What average price per share did Theta pay for the stock that the company purchased during the year?