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The following information comes from the 2024 Annual Report to stockholders of Composition Incorporated (in thousands): From the Statement of Changes in Shareholders' Equity BALANCES at December 31, 2022 Net earnings Sales of common stock under option plans Cash dividends declared on common stock: $0.547 per share i Compensation under employee incentive plans Treasury shares exchanged for Acquisitions Purchase of shares for treasury BALANCES at December 31, 2023 Net earnings Sales of common stock under option plans Cash dividends declared on common stock: $0.557 per share Compensation under employee incentive plans Purchase of shares for treasury BALANCES at December 31, 2024 Paid-in capital-excess Number of Treasury of par shares (30,761) 30 (5,381) (2,002) 141,209 133,826 (3,738) (216) $ 129,872 397 415 20,649 (6,868) (16,168) 299 386 (3.133) (18,616) Treasury stock amount $ (526, 321) 10,938 9,688 320,293 (124,906) (310, 388) 7,295 8,471 (48,878) $(343,500)

The following information comes from the 2024 Annual Report to stockholders of Composition Incorporated (in thousands): From the Statement of Changes in Shareholders' Equity BALANCES at December 31, 2022 Net earnings Sales of common stock under option plans Cash dividends declared on common stock: $0.547 per share i Compensation under employee incentive plans Treasury shares exchanged for Acquisitions Purchase of shares for treasury BALANCES at December 31, 2023 Net earnings Sales of common stock under option plans Cash dividends declared on common stock: $0.557 per share Compensation under employee incentive plans Purchase of shares for treasury BALANCES at December 31, 2024 Paid-in capital-excess Number of Treasury of par shares (30,761) 30 (5,381) (2,002) 141,209 133,826 (3,738) (216) $ 129,872 397 415 20,649 (6,868) (16,168) 299 386 (3.133) (18,616) Treasury stock amount $ (526, 321) 10,938 9,688 320,293 (124,906) (310, 388) 7,295 8,471 (48,878) $(343,500)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following information comes from the 2024 Annual Report to stockholders of Composition Incorporated (in thousands): From the Statement of Changes in Shareholders' Equity BALANCES at December 31, 2022 Net earnings Sales of common stock under option plans Cash dividends declared on common stock: $0.547 per share i Compensation under employee incentive plans Treasury shares exchanged for Acquisitions Purchase of shares for treasury BALANCES at December 31, 2023 Net earnings Sales of common stock under option plans Cash dividends declared on common stock: $0.557 per share Compensation under employee incentive plans Purchase of shares for treasury BALANCES at December 31, 2024 From the Statement of Cash Flows Cash flows from financing activities: Dividends paid 2024 $72,444 Average cost per share 2023 $67.132 2023 Paid-in capital-excess Number of Treasury of par shares 30 (30,761) 2024 (5,381) (2,002) 141,209 233,826 (3,738) (216) $ 129,872 397 Fe 415 20,649 (6,868) (16,168) Required: What was the average cost per share of the treasury stock purchased by Composition during 2023 and 2024, respectively? Note: Round your final answers to 2 decimal places. 299 386 (3.133) (18,516) Treasury stock amount $ (526, 321) 10,938 9,608 320,293 (124.996) (310, 388) 7,295 8,471 (48,878) $(343,500)
Transcribed Image Text:The following information comes from the 2024 Annual Report to stockholders of Composition Incorporated (in thousands): From the Statement of Changes in Shareholders' Equity BALANCES at December 31, 2022 Net earnings Sales of common stock under option plans Cash dividends declared on common stock: $0.547 per share i Compensation under employee incentive plans Treasury shares exchanged for Acquisitions Purchase of shares for treasury BALANCES at December 31, 2023 Net earnings Sales of common stock under option plans Cash dividends declared on common stock: $0.557 per share Compensation under employee incentive plans Purchase of shares for treasury BALANCES at December 31, 2024 From the Statement of Cash Flows Cash flows from financing activities: Dividends paid 2024 $72,444 Average cost per share 2023 $67.132 2023 Paid-in capital-excess Number of Treasury of par shares 30 (30,761) 2024 (5,381) (2,002) 141,209 233,826 (3,738) (216) $ 129,872 397 Fe 415 20,649 (6,868) (16,168) Required: What was the average cost per share of the treasury stock purchased by Composition during 2023 and 2024, respectively? Note: Round your final answers to 2 decimal places. 299 386 (3.133) (18,516) Treasury stock amount $ (526, 321) 10,938 9,608 320,293 (124.996) (310, 388) 7,295 8,471 (48,878) $(343,500)
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