Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 April 30, 2019 Paid-in capital: Preferred stock, $120 par value, 5%, cumulative, 100,000 shares authorized, 74,000 shares issued and outstanding Common stock, $6 par value, 600,000 shares authorized, 420,000 and 400,000 shares issued, respectively Additional paid-in capital Retained earnings Less: Treasury common stock, at cost; 21,000 shares and 19,500 shares, respectively $ 8,880,000 $ 8,880,000 2,400,000 14,140,000 11,794,000 ? 14,670,000 12,070,000 (1,932,000) (1,872,000) Total stockholders' equity $35,342,000 . What was the average cost per share of the common stock purchased for the treasury during the month? Cost per share
Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 April 30, 2019 Paid-in capital: Preferred stock, $120 par value, 5%, cumulative, 100,000 shares authorized, 74,000 shares issued and outstanding Common stock, $6 par value, 600,000 shares authorized, 420,000 and 400,000 shares issued, respectively Additional paid-in capital Retained earnings Less: Treasury common stock, at cost; 21,000 shares and 19,500 shares, respectively $ 8,880,000 $ 8,880,000 2,400,000 14,140,000 11,794,000 ? 14,670,000 12,070,000 (1,932,000) (1,872,000) Total stockholders' equity $35,342,000 . What was the average cost per share of the common stock purchased for the treasury during the month? Cost per share
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets:
Мay 31, 2019
April 30, 2019
Paid-in capital:
Preferred stock, $120 par value, 5%, cumulative, 100,000 shares
authorized, 74,000 shares issued and outstanding
Common stock, $6 par value, 600,000 shares authorized, 420,000 and
400,000 shares issued, respectively
Additional paid-in capital
Retained earnings
$ 8,880,000
$ 8,880,000
14,670,000
12,070,000
2,400,000
14,140,000
11,794,000
Less: Treasury common stock, at cost; 21,000 shares and 19,500 shares,
respectively
(1,932,000)
(1,872,000)
Total stockholders' equity
$
?
$35,342,000
c. What was the average cost per share of the common stock purchased for the treasury during the month?
Cost per share](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffea94a50-e8e7-419f-bb62-28be718638fb%2F51545461-31e6-488c-88ac-af4dc68bc2a5%2Fvm8hox_processed.png&w=3840&q=75)
Transcribed Image Text:Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets:
Мay 31, 2019
April 30, 2019
Paid-in capital:
Preferred stock, $120 par value, 5%, cumulative, 100,000 shares
authorized, 74,000 shares issued and outstanding
Common stock, $6 par value, 600,000 shares authorized, 420,000 and
400,000 shares issued, respectively
Additional paid-in capital
Retained earnings
$ 8,880,000
$ 8,880,000
14,670,000
12,070,000
2,400,000
14,140,000
11,794,000
Less: Treasury common stock, at cost; 21,000 shares and 19,500 shares,
respectively
(1,932,000)
(1,872,000)
Total stockholders' equity
$
?
$35,342,000
c. What was the average cost per share of the common stock purchased for the treasury during the month?
Cost per share
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