Accounting Midterm Exam ACG-2011: Question 64

The following data has been collected about a company's stockholders' equity accounts:
 

Common stock $10 par value 26,000 shares authorized and   13,000 shares issued, 1,600 shares in treasury	$130,000
Paid-in-capital in excess of par value, common stock	56,000
Retained earnings	31,000
Treasury stock	19,360

  

The treasury shares were all purchased at the same price.

The cost per share of the treasury stock is:

	$1.49.
	$11.10.
	$1.70.
	$12.10.
	$10.00.

$19,360/1,600 = $12.10, the cost per share of treasury stock.