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, 2822 Net earnings Sales of common stock under option plans Cash dividends declared on common stock: $0.5375 per share. 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: $0.5475 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: 2024 $ 72,244 2023 $ 66,932 Paid-in capital-excess Number of Treasury of par shares (30,561) (5,181) (1,802) 139,209 132,226 (3,538) (196) $ 128,492 377 395 20,449 (6,668) (16,008) 279 366 (2,933) (18,296) Treasury stock amount $ (524,321) 10,738 Dividends paid Required: What was the average cost per share of the treasury stock purchased by Composition during 2023 and 2024, respectively? 9,408 318,293 (122,906) (308,788) 7,095 8,271 (48,678) $ (342,100) Retained earnings $ 1,673,382 242,941 (68,952) 1,847,371 81,965 (72,903) $ 1,856,433
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, 2822 Net earnings Sales of common stock under option plans Cash dividends declared on common stock: $0.5375 per share. 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: $0.5475 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: 2024 $ 72,244 2023 $ 66,932 Paid-in capital-excess Number of Treasury of par shares (30,561) (5,181) (1,802) 139,209 132,226 (3,538) (196) $ 128,492 377 395 20,449 (6,668) (16,008) 279 366 (2,933) (18,296) Treasury stock amount $ (524,321) 10,738 Dividends paid Required: What was the average cost per share of the treasury stock purchased by Composition during 2023 and 2024, respectively? 9,408 318,293 (122,906) (308,788) 7,095 8,271 (48,678) $ (342,100) Retained earnings $ 1,673,382 242,941 (68,952) 1,847,371 81,965 (72,903) $ 1,856,433
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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: $0.5375 per share
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: $0.5475 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
2023
$ 72,244 $ 66,932
Paid-in capital-excess Number of Treasury
of par
shares
(30,561)
$0
(5,181)
(1,802)
139,209
132,226
(3,538)
(196)
$ 128,492
377
395
20,449
(6,668)
(16,008)
279
366
(2,933)
(18,296)
Treasury stock
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.
amount
$ (524,321)
10,738
9,408
318,293
(122,906)
(308,788)
7,095
8,271
(48,678)
$ (342,100)
Retained earnings
$ 1,673,382
242,941
(68,952)
1,847,371
81,965
(72,903)
$ 1,856,433
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