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Unformatted text preview: TAMU uses the cost method to account for treasury stock. On April 30 TAMU sold 700,000 shares of previously unissued common stock at $36 per share. On November 10 TAMU sold 10,000 shares of treasury stock for $39 per share. On December 14 TAMU declared the yearly cash dividend on preferred stock payable on January 14, 2003 to stockholders of record on December 30, 2002. On December 18 TAMU declared a cash dividend of $5 per share of common stock payable on January 16 to stockholders of record on December 31, 2002. Net income was $8,500,000....
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- Spring '06
- 1971, 1956