The annual report for CornFlower Ranch disclosed that 1 billion shares of common stock have been authorized. At the beginning of 2017, 815 million shares had been issued and the number of shares in treasury stock was 112 million. During 2017, the only common share transactions were that 16 million common shares were reissued from treasury and 31 million common shares were purchased and held as treasury stock. Required: Determine the number of common shares (a) issued, (b) in treasury, and (c) outstanding at the end of 2017. (Enter your answers in millions.) (a) Issued Stock (b) Treasury Stock (c) Shares Outstanding Number of Common Shares (in millions)
The annual report for CornFlower Ranch disclosed that 1 billion shares of common stock have been authorized. At the beginning of 2017, 815 million shares had been issued and the number of shares in treasury stock was 112 million. During 2017, the only common share transactions were that 16 million common shares were reissued from treasury and 31 million common shares were purchased and held as treasury stock. Required: Determine the number of common shares (a) issued, (b) in treasury, and (c) outstanding at the end of 2017. (Enter your answers in millions.) (a) Issued Stock (b) Treasury Stock (c) Shares Outstanding Number of Common Shares (in millions)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The annual report for CornFlower Ranch disclosed that 1 billion shares of common stock have been authorized. At the beginning of
2017, 815 million shares had been issued and the number of shares in treasury stock was 112 million. During 2017, the only common
share transactions were that 16 million common shares were reissued from treasury and 31 million common shares were purchased
and held as treasury stock.
Required:
Determine the number of common shares (a) issued, (b) in treasury, and (c) outstanding at the end of 2017. (Enter your answers in
millions.)
(a) Issued Stock
(b) Treasury Stock
(c) Shares Outstanding
Number of
Common Shares
(in millions)
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