Lester Corporation

Consolidated Statement of Shareholders Equity

Years Ended December 31

($ in millions except per share amounts)		Common Stock				Other Paid-In Capital				Retained Earnings				Accumulated Other Comprehensive Loss				Treasury Stock						Total
Balance December 31, 2014			$ 1,788				$ 40,701				$ 37,536				$ (3,216	)			$ (22,433	)				$ 54,376
Net income attributable to Merck & Co., Inc.											6,272													6,272
Other comprehensive income, net of tax															84									84
Cash dividends declared on common stock ($1.56 per share)											(4,818	)												(4,818	)
Treasury stock shares purchased																			(1,921	)				(1,921	)
Share-based compensation plans and other							(38	)											562					524
Balance December 31, 2015			1,788				40,663				38,990				(3,132	)			(23,792	)				54,517
Net income attributable to Merck & Co., Inc.											6,168													6,168
Other comprehensive loss, net of tax															(1,550	)								(1,550	)
Cash dividends declared on common stock ($1.69 per share)											(5,173	)												(5,173	)
Treasury stock shares purchased																			(2,591	)				(2,591	)
Share-based compensation plans and other							(17	)											1,666					1,649
Balance December 31, 2016			$ 1,788				$ 40,646				$ 39,985				$ (4,682	)			$ (24,717	)				$ 53,020

12. Equity

A summary of common stock and treasury stock transactions (shares in millions) is as follows:

			2016											2015
			Common Stock				Treasury Stock							Common Stock				Treasury Stock
Balance January 1				3,577					536							3,577				495
Purchases of treasury stock									62											58
Issuances									(48		)									(17	)
Balance December 31				3,577					550							3,577				536

Please answer the following questions concerning Lester Corporations shareholders equity activity during fiscal 2016 using the Statement of Shareholders Equity and Note 12 on Equity on the following page.

Show the journal entry recorded by Lester to record the purchase of treasury stock during fiscal 2016.

The Statement of Shareholders Equity indicates that shares were issued from the treasury during fiscal 2016 in conjunction with employee share-based compensation plans. Does the information in the Statement of Shareholders Equity suggest that these shares issued from the treasury were issued at GREATER than or LESS than their original cost? Explain your answer for maximum credit.

What was the average price paid per share for treasury stock held by Lester at December 31, 2016?

Show journal entry that Lester recorded for the declaration of dividends for fiscal 2016.