(a) How many new shares of common stock did 3M issue during fiscal 2019? new shares issued (b) What journal entry did 3M make to record its stock issuance in fiscal 2019? (c) On average, how much cash did 3M receive for each new share of stock issued in fiscal 2019? Round your answer to the nearest dollar. per new share issued

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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(a) How many new shares of common stock did 3M issue during fiscal 2019?
new shares issued
(b) What journal entry did 3M make to record its stock issuance in fiscal 2019?
(c) On average, how much cash did 3M receive for each new share of stock issued in fiscal 2019? Round
your answer to the nearest dollar.
per new share issued
(d) How many shares of its stock did 3M repurchase during fiscal 2019?
shares repurchased
(e) What journal entry did 3M make to record its stock repurchases in fiscal 2019?
(f) On average, how much cash did 3M pay per share for stock repurchased during 2019? Round your
answer to the nearest dollar.
$
per share repurchased
(g) What journal entry did 3M make to record stock options granted to employees in fiscal 2019?
Transcribed Image Text:(a) How many new shares of common stock did 3M issue during fiscal 2019? new shares issued (b) What journal entry did 3M make to record its stock issuance in fiscal 2019? (c) On average, how much cash did 3M receive for each new share of stock issued in fiscal 2019? Round your answer to the nearest dollar. per new share issued (d) How many shares of its stock did 3M repurchase during fiscal 2019? shares repurchased (e) What journal entry did 3M make to record its stock repurchases in fiscal 2019? (f) On average, how much cash did 3M pay per share for stock repurchased during 2019? Round your answer to the nearest dollar. $ per share repurchased (g) What journal entry did 3M make to record stock options granted to employees in fiscal 2019?
3M
CONSOLIDATED BALANCE SHEETS
(In millions)
ASSETS
Dec 31, 2019
Dec 31, 2018
Cash & cash equivalents
$ 2,353
$ 2,853
Accounts receivable, net allowances of $161 and $95
4,791
5,020
Inventories
4,134
4,366
Prepaid expenses
704
741
Other current assets
989
729
Total current assets
12,971
13,709
Property, plant and equipment, net
9,333
8,738
erating lease right-of-use assets
858
Goodwill
13,444
10,051
Other intangible assets, net
6,379
2,657
Other long-term assets
1,674
1,345
Total assets
$ 44,659
$36,500
LIABILITIES & STOCKHOLDERS’ EQUITY
Short-term borrowings and current portion of long-term debt
Accounts payable
$ 2,795
$ 1,211
2,228
2,266
Accrued salaries
702
749
Accrued income taxes
194
243
Current operating lease liabilities
247
Other current liabilities
3,056
2,775
Total current liabilities
9,222
7,244
Long-term debt
Pension and postretirement benefits
17,518
13,411
3,911
2,987
Long-term operating lease liabilities
Other long-term liabilities
б07
3,275
3,010
Total liabilities
34,533
26,652
Common stock, $0.01 par value; 3,000.0 million shares authorized; 944.0 million
shares issued at 12/31/19 and 937.8 million shares issued at 12/31/18
9.
9.
Additional paid in capital
5,907
5,082
(29,849)
Treasury stock, 368.8 million shares at 12/31/19 and 361.2 million shares at 12/31/18
Retained earnings
(28,442)
42,135
40,869
Accumulated other comprehensive loss
(8,076)
(7,670)
Total stockholders' equity
10,126
9,848
Total liabilities & stockholders' equity
$ 44,659
$ 36,500
Transcribed Image Text:3M CONSOLIDATED BALANCE SHEETS (In millions) ASSETS Dec 31, 2019 Dec 31, 2018 Cash & cash equivalents $ 2,353 $ 2,853 Accounts receivable, net allowances of $161 and $95 4,791 5,020 Inventories 4,134 4,366 Prepaid expenses 704 741 Other current assets 989 729 Total current assets 12,971 13,709 Property, plant and equipment, net 9,333 8,738 erating lease right-of-use assets 858 Goodwill 13,444 10,051 Other intangible assets, net 6,379 2,657 Other long-term assets 1,674 1,345 Total assets $ 44,659 $36,500 LIABILITIES & STOCKHOLDERS’ EQUITY Short-term borrowings and current portion of long-term debt Accounts payable $ 2,795 $ 1,211 2,228 2,266 Accrued salaries 702 749 Accrued income taxes 194 243 Current operating lease liabilities 247 Other current liabilities 3,056 2,775 Total current liabilities 9,222 7,244 Long-term debt Pension and postretirement benefits 17,518 13,411 3,911 2,987 Long-term operating lease liabilities Other long-term liabilities б07 3,275 3,010 Total liabilities 34,533 26,652 Common stock, $0.01 par value; 3,000.0 million shares authorized; 944.0 million shares issued at 12/31/19 and 937.8 million shares issued at 12/31/18 9. 9. Additional paid in capital 5,907 5,082 (29,849) Treasury stock, 368.8 million shares at 12/31/19 and 361.2 million shares at 12/31/18 Retained earnings (28,442) 42,135 40,869 Accumulated other comprehensive loss (8,076) (7,670) Total stockholders' equity 10,126 9,848 Total liabilities & stockholders' equity $ 44,659 $ 36,500
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