The condensed 2019 balance sheet of Honeywell International follows (dollars in millions):

Outstanding were 712.6 million shares of common stock and no preferred stock. The following instructions are independent:
a. Compute the book value per common share.
b. Compute the book value per common share if the company issues 50 million shares of common stock at $32 per share.
c. Compute the book value per common share if the company issues 50 million shares of common stock at $20 per share.
d. Compute the book value per outstanding share of common stock if the company purchases 50 million shares of outstanding stock at $32 per share.
e. Compute the book value per outstanding share of common stock if the company purchases 50 million shares of outstanding stock at $20 per share.
f. What effect does issuing stock have on the book value of the outstanding shares? Upon what does this effect depend?
g. What effect does purchasing outstanding stock have on the book value of the outstanding shares? Upon what does this effect depend?

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Assets Total assets $58,679 $58,679 Liabilities Shareholders' equity Total liabilities and shareholders' equity $39,973 18,706 $58,679