EXERCISE 15-10 - $ 545 Additional paid-in capital 891 Total...

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EXERCISE 15-10 (20–25 minutes) (a) (1) The par value is $2.50. This amount is obtained from either of the following: 2011—$545 ÷ 218 or 2010—$540 ÷ 216. (2) The cost of treasury shares was higher in 2011. The cost at December 31, 2011 was $42 per share ($1,428 ÷ 34) compared to the cost at December 31, 2010 of $34 per share ($918 ÷ 27). (b) Stockholders’ equity (in millions of dollars) Paid-in capital Common stock, $2.50 par value, 500,000,000 shares authorized, 218,000,000 shares issued, and 184,000,000 shares outstanding .
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Unformatted text preview: ......................... $ 545 Additional paid-in capital . ................................................... 891 Total paid-in capital. ..................................................... 1,436 Retained earnings. .......................................................................... 7,167 Total paid-in capital and retained earnings. ......... 8,603 Less: Cost of treasury stock (34,000,000 shares). .............. (1,428) Total stockholders’ equity . ........................................ $ 7,175...
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