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Analyzing and Computing Average Issue Price and Treasury Stock Cost Assume this is the stockholders' equity section from the Campbell Soup Company balance sheet. Shareholders'

Analyzing and Computing Average Issue Price and Treasury Stock Cost Assume this is the stockholders' equity section from the Campbell Soup Company balance sheet.

Shareholders' Equity (millions, except per share amounts) August 3, 2008 July 29, 2007
Preferred stock: authorized 40 shares; non issued $ -- $ --
Capital stock, $0.0375 par value; authorized 560 shares; issued 532 shares 20 20
Additional paid-in capital 337 331
Earnings retained in the business 7,902 7,032
Capital stock in treasury, 186 shares in 2008 and 163 shares in 2007, at cost (6,812) (6,015)
Accumulated other comprehensive loss (136) (123)
Total shareholders' equity $ 1,311 $ 1,245

Assume Campbell Soup Company also reports the following statement of stockholders' equity.

(Millions, except per share amounts) Capital Stock Additional Paid-in Capital Earnings Retained in the Business Accumulated Other Comprehensive Income (Loss) Total share-owners' Equity
Issued In Treasury
Shares Amount Shares Amount
Balance at July 29, 2007 532 $ 20 (163) $ (6,015) $ 331 $ 7,032 $ (123) $ 1,245
Comprehensive income (loss)
Net earnings 1,185 1,185
Foreign currency translation adjustments, net of tax 112 112
Cash-flow hedges, net of tax 11 11
Pension and postretirement ;benefits, net of tax (136) (136)
Other comprehensive loss (13) (13)
Total comprehensive income 1,172
Impact on adoption of FIN 48 Note 10) (8) (8)
Dividends ($0.88 per share) (307) (307)
Treasury stock purchased (26) (903) (903)
Treasury stock issued under management incentive and stock options plan 3 106 6 112
Balance at August 3, 2008 532 $ 20 (186) $ (6,812) $ 337 $ 7,902 $ (136) $ 1,311

(b) At what average price were the Campbell Soup shares issued? (Round your answer to two decimal places.) $Answerimage text in transcribed

(c) Reconcile the beginning and ending balances of retained earnings. ($ millions)

(Enter any deductions as negative numbers.)

($ millions)
Retained earnings, July 29, 2007 $Answerimage text in transcribed

Net earnings Answerimage text in transcribed

Dividends Answerimage text in transcribed

Incorrect 0.00 points out of 1.00

Miscellaneous Answerimage text in transcribed

Retained earnings, August 3, 2008 $ Answerimage text in transcribed

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