Analyzing and Computing Average Issue Price and Treasury Stock Cost
Following is the stockholders’ equity section from the Campbell Soup Company balance sheet. (Note: Campbell’s uses shareowners’ equity in lieu of the more common title of stockholders’ equity.).

Shareholders' Equity (millions, except per share amounts)	July 31, 2016	August 2, 2015
Preferred stock: authorized 40 shares; non issued	$ --	$ --
Capital stock, $.0375 par value; authorized 560 shares;
issued 323 shares	12	12
Additional paid-in capital	354	339
Earnings retained in the business	1,927	1,754
Capital stock in treasury, at cost	(664)	(556)
Accumulated other comprehensive loss	(104)	(168)
Total Campbell Soup Company shareowners’ equity	1,525	1,381
Non-controlling interests	8	(4)
Total equity	$1,533	$1,377

Campbell Soup Company also reports the following statement of stockholders' equity.

Campbell Soup Company
(Millions, except per share amounts)					Additional Paid-in Capital	Earnings Retained in the Business	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interests	Total Equity
	Issued		In Treasury
	Shares	Amount	Shares	Amount
Balance at August 2, 2015	323	$12	(13)	$(556)	$339	$1,754	$(168)	$(4)	$1,377
Contribution from non-controlling interests									-
Non-controlling Interests Other Activity								9	9
Net earnings (loss)						563			563
Other comprehensive income (loss)							64	3	67
Dividends ($1.248 per share)						(390)			(390)
Treasury stock purchased			(3)	(143)					(143)
Treasury stock issued under management incentive and stock option plans			1	35	15				50
Balance at July 31, 2016	323	$12	(15)	$(664)	$354	$1,927	$(104)	$8	$1,533

(a) Campbell Soup Company reports $12 million in its Common Stock account. Which of the following statements best describes the manner in which this number is computed?

(b) At what average price were the Campbell Soup shares issued? (Round your answer to two decimal places.)
(c) Reconcile the beginning and ending balances of retained earnings.

(Enter any deductions as negative numbers)

($ millions)
Retained earnings, August 2, 2015	$____________
Net earnings	$____________
Dividends	$_____________
Miscellaneous	$_____________
Retained earnings, July 31, 2016	$_____________

(d) Campbell Soup reports an increase in stockholders' equity relating to the exercise of stock options (titled "Treasury stock issued under management incentive and stock option plans"). This transaction involves the purchase of common stock by employees at a preset price. Which of the following statements best describes the nature of this transaction?

(e) Which of the following statements best describes the transaction relating to the "Treasury stock purchased" line in the statement of stockholders' equity?