Question
The equity sections from Atticus Groups 2016 and 2017 year-end balance sheets follow. Stockholders Equity (December 31, 2016) Common stock$6 par value, 100,000 shares authorized,
The equity sections from Atticus Groups 2016 and 2017 year-end balance sheets follow.
| Common stock$6 par value, 100,000 shares authorized, 35,000 shares issued and outstanding | $210,000 |
| Paid-in capital in excess of par value, common stock | 170,000 |
| Retained earnings | 340,000 |
| Total stockholders equity | $720,000 |
| Common stock$6 par value, 100,000 shares authorized, 41,000 shares issued, 5,000 shares in treasury | $246,000 |
| Paid-in capital in excess of par value, common stock | 206,000 |
| Retained earnings ($50,000 restricted by treasury stock) | 440,000 |
| 892,000 | |
| Less cost of treasury stock | (50,000) |
| Total stockholders equity | $842,000 |
The following transactions and events affected its equity during year 2017.
| Jan. | 5 | Declared a $0.50 per share cash dividend, date of record January 10. |
| Mar. | 20 | Purchased treasury stock for cash. |
| Apr. | 5 | Declared a $0.50 per share cash dividend, date of record April 10. |
| July | 5 | Declared a $0.50 per share cash dividend, date of record July 10. |
| July | 31 | Declared a 20% stock dividend when the stocks market value was $12 per share. |
| Aug. | 14 | Issued the stock dividend that was declared on July 31. |
| Oct. | 5 | Declared a $0.50 per share cash dividend, date of record October 10.
QUESTION: What is the per share cost of the treasury stock purchased? |
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A Textbook Of Cost And Management Accounting
Authors: M N Arora
11th Edition
9390470501, 978-9390470501
