Problem - For a recent 2-year period, the balance sheet of Sarasota Company showed the following stockholders' equity data at December 31 (in millions).
|
2017
|
2016
|
|
Additional paid-in capital
|
$ 980
|
$ 827
|
|
Common stock
|
657
|
651
|
|
Retained earnings
|
7,250
|
5,320
|
|
Treasury stock
|
1,672
|
864
|
|
Total stockholders' equity
|
$7,215
|
$5,934
|
|
|
|
|
Common stock shares issued
|
219
|
217
|
|
Common stock shares authorized
|
500
|
500
|
|
Treasury stock shares
|
38
|
27
|
(a) Answer the following questions.
(1) What is the par value of the common stock?
(2) What is the cost per share of treasury stock at December 31, 2017, and at December 31, 2016?
(b) Prepare the stockholders' equity section at December 31, 2017.