On June 8, Carla Vista Ltd. was incorporated and issued 35,400 common shares for $354,000. On August 19, an additional 8,850shares were issued for $106,200. On November 2, the company paid $33,984 to repurchase 3,540 common shares and on December7 it paid $61,360 to repurchase 4,720 common shares.(a)Your answer is partially correct.Calculate the average cost of the common shares on June 8, August 19, November 2, and December 7. (Round answers to 2decimal places, e.g. 15.25.)Average CostJune 8Aug. 19Nov. 2Dec. 7$$$eTextbook and Media:10

The following formula used to calculate Average cost of common shares as follows:-Average cost of…

Answered: Ltd. was incorporated and issued 35,400…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On January 20, Metropolitan Inc., sold 8 million shares of stock in an SEO. The market price of Metropolitan at the time was $40.25 per share. Of the 8 million shares sold, 5 million shares were primary shares being sold by the company, and the remaining 3 million shares were being sold by the venture capital investors. Assume the underwriter charges 5.1% of the gross proceeds as an underwriting fee. a. How much money did Metropolitan raise? b. How much money did the venture capitalists receive? c. If the stock price dropped 3.4% on the announcement of the SEO and the new shares were sold at that price, how much money would Metropolitan receive?
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