On December 31, 2017, Berclair Inc. had 580 million shares of
common stock and 6 million shares of 9%, $100 par value cumulative
preferred stock issued and outstanding. On March 1, 2018, Berclair
purchased 176 million shares of its common stock as treasury stock.
Berclair issued a 5% common stock dividend on July 1, 2018. Four
million treasury shares were sold on October 1. Net income for the
year ended December 31, 2018, was $1,100 million.
Also outstanding at December 31 were 30 million incentive stock
options granted to key executives on September 13, 2013. The
options were exercisable as of September 13, 2017, for 30 million
common shares at an exercise price of $56 per share. During 2018,
the market price of the common shares averaged $70 per
share.
ANSWER
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