Answered: If your corporation declares a stock…

Business

Finance

If your corporation declares a stock repurchase how many shares of stock can your corporation repurchase for $10,000?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 21DQ

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Question

Your corporation is declaring a share repurchase and has $10,000 to spend. Your corporation has 700 shares of stock outstanding that is currently selling for $55.00 per share. Please show your calculations in the space provided.

If your corporation declares a stock repurchase how many shares of stock can your corporation repurchase for $10,000?

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