Homework Answers
Average price = Proceeds / Number of shares issued
Proceeds = Increase in common stock + Increase in additional paid - in capital
Increase in common stock = ($150 - $135)million
= $15 million
Increase in additional paid - in capital = ($522 - $391)million
= $131 million
Proceeds = $15 + $131
= $146 million
Average price = $146 million / 3 million Shares
= $48.66 per share
= $49 per share (Round off)
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