(Answered) Problem - for a recent 2-year period the balance sheet of

Accounting

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.

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