CHAPTER 18 3. In previous years, Cox Transport reacquired 2 million treasury shares at $20 per...
CHAPTER 18
3. In previous years, Cox Transport reacquired 2 million
treasury shares at $20 per share and, later, 1 million treasury
shares at $26 per share.
By what amount will Cox’s paid-in capital—share repurchase increase
if it now sells 1 million treasury shares at $27 per share and
determines cost as the weighted-average cost of treasury
shares?
Homework Answers
Cash = 1 million shares x $27 = $ 27 million
Treasury stock = 1 million shares x $22 = $ 22 million
Therefore, Paid- in capital – share repurchase = $ 27 million - $ 22 million = $ 5 million
Explanation
Weighted-average cost of treasury shares = (2 million shares *$20 + 1 million shares *$26) / 3 million shares = $22 per share
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work.
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