Calculate the dollar amount per share received

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Reference no: EM131644840

Problem - The stockholders' equity account balances of Kay Corporation for 2020 are given below:

                                                                                       January 1       December 31

Common stock ($12 par, 54,000 shares outstanding) ............   648,000          720,000

Paid-in capital - common stock ...............................   540,000          582,000

Treasury stock (10,000 shares at a cost of $16 per share) ....   160,000           33,600

Paid-in capital - treasury stock .............................     4,000           18,000

Retained earnings ............................................   425,000          469,745

During 2020, Kay Corporation entered into the following transactions:

March 23     Re-issued 2,500 of the treasury shares for $14 per share

June 9       Re-issued 3,800 of the treasury shares for $22 per share

August 15    Issued 6,000 shares of previously un-issued common stock

November 2   Re-issued 1,600 of the treasury shares

December 18  Declared and paid a dividend on the outstanding shares of common stock

Kay Corporation reported a net income of $280,000 for 2020.

Calculate the dollar amount per share received from the re-issue of the treasury stock on November 2. Do not use decimals in your answer or type the words per share after your answer.

Reference no: EM131644840

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