Question: For a recent 2-year period, the balance sheet of Franklin Company showed the following stockholders?? equity data at December 31 in millions. Instructions(a) Answer the

For a recent 2-year period, the balance sheet of Franklin Company showed the following stockholders?? equity data at December 31 in millions.

Instructions(a) Answer the following questions.(1) What is the par value of the common stock?(2) What is the cost per share of treasury stock at December 31, 2013, and at December 31, 2012?(b) Prepare the stockholders?? equity section at December 31,2013.

2013 2012 Paid-in capital in excess of par-common stock $ 817 $ 891 Common stock Retained earnings Treasury stock Total stockholders' equity Common stock shares issued Common stock shares authorized Treasury stock shares 540 5,226 918 545 7,167 1,428 $7,175 $5,665 216 500 27 218 500 34

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