Following is the stockholders equity section of the balance sheet for The Procter & Gamble Company along with selected earnings and dividend data. For simplicity, balances for noncontrolling interests have been left out of income and shareholders' equity information.

$ millions except per share amounts	2014	2013
Net earnings attributable to Procter & Gamble shareholders	$10,956	$11,797
Common dividends	5,883	5,534
Preferred dividends	256	233
Basic net earnings per common share	$3.82	$4.12
Diluted net earnings per common share	$3.66	$3.93
Shareholders' equity:
Convertible class A preferred stock, stated value $1 per share	$1,195	$1,234
Common stock, stated value $1 per share	4,008	4,008
Additional paid-in capital	63,181	62,405
Treasury stock, at cost (shares held: 2014--1260.8; 2013--1242.6)	(69,604)	(67,278)
Retained earnings	75,349	70,682
Accumulated other comprehensive income/(loss)	(9,333)	(2,054)
Other	(761)	(996)
Shareholders' equity attributable to Procter & Gamble shareholders	$64,035	$68,001

a.Calculate the average cost per share of the shares held as treasury stock at the end of each fiscal year. Round to two decimal places.

b.In 2014, preferred shareholders elected to convert 40 million shares of preferred stock into common stock. Rather than issue new shares, the company granted 40 million shares held in treasury stock to the preferred shareholders. Prepare a journal entry to illustrate how this transaction would have been recorded. (Hint: use the cost per share for 2013 determined in b.) Enter answers in millions. Round to the nearest million.