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 ? 14,670,000 12,070,000 2,400,000 14,140,000 11,794,000 (1,932,000) (1,872,000) Total stockholders' equity ? $35,342,000

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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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
d. During May, dividends on preferred stock equal to one-half of the 2019 dividend requirement were declared and paid. There were
no common dividends declared or paid in May. Calculate net income for May.
Net income
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 d. During May, dividends on preferred stock equal to one-half of the 2019 dividend requirement were declared and paid. There were no common dividends declared or paid in May. Calculate net income for May. Net income
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What was the average cost per share of the common stock purchased for the treasury during the month?

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The only transaction affecting additional paid-in capital during the month of May was the sale of additional common stock. At what price per share were the additional shares sold?

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