The 2011 financial statements for The Walt Disney Company can be found on the Internet. Locate those financial statements and consider the following questions:

1. What is the par value of Disney's common stock? What was the average issuance price of Disney's common stock?

2. Does Disney use the cost method or the par value method of accounting for treasury stock? As of October 1, 2011, what was the average cost of the repurchased shares held in treasury?

3. Combining information from questions (1) and (2), estimate the decrease in Disney's retained earnings if all of the treasury shares were retired.

4. From Disney's foreign currency translation adjustment, deduce whether the foreign currencies got stronger or weaker in 2011 (relative to the U.S. dollar) in the countries where Disney has subsidiaries.