Analyzing and Computing Average Issue Price and Treasury Stock Cost Following is the stockholders equity section from the Campbell Soup Company balance sheet. (Note: Campbells 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
Noncontrolling 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)	Noncontrolling 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 noncontrolling interests									-
Noncontrolling 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 managementincentive 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?

The computation uses the number of issued shares multiplied by the par value of the stock.

The computation uses the number of issued shares multiplied by the market value of the stock.

The computation uses the number of outstanding shares multiplied by the market price of the stock.

The computation uses the number of outstanding shares multiplied by the par value of the stock.

Mark 1.00 out of 1.00

(b) At what average price were the Campbell Soup shares issued? (Round your answer to two decimal places.) $Answer