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  3. the following partial information is taken from th

The following partial information is taken from the comparative balance sheet of Bi Corporation: ...

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Accounting

The following partial information is taken from the comparative balance sheet of Bi Corporation:

Shareholders equity 12/31/2021 12/31/2020
Common stock, $5 par; 22 million shares authorized; 17 million shares issued and 13 million shares outstanding at 12/31/2021; and ____million shares issued and ____shares outstanding at 12/31/2020. $ 85 million $ 65 million
Additional paid-in capital on common stock 522 million 396 million
Retained earnings 199 million 159 million
Treasury common stock, at cost, 4 million shares at 12/31/2021 and 2 million shares at 12/31/2020 (74 million) (52 million)
Total shareholders equity $ 732 million $ 568 million

What was the average price (rounded to the nearest dollar) of the additional shares issued by Bi in 2021?

Multiple Choice

1. $5 per share.

2. $37 per share.

3. $50 per share.

4. Cannot be determined from the given information.

Answer & Explanation Solved by verified expert
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