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

Question

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

  Shareholders’ equity 12/31/2016 12/31/2015
  Common stock, $5 par value; 33 million shares authorized; 28 million   shares issued and 23 million shares outstanding at 12/31/2016; and   ____million shares issued and ____shares outstanding at 12/31/2015. $140 million    $115 million   
  Additional paid-in capital on common stock 520 million    403 million   
  Retained earnings 195 million    157 million   
  Treasury common stock, at cost, 5 million shares at 12/31/2016 and 2   million shares at 12/31/2015
(79 million)  
(46 million)
  Total shareholders’ equity

$776 million   

$629 million   

What was the average price of the additional treasury shares purchased by Levi during 2016? (Round your answer to 2 decimal places.)

$11.00 per share.
$15.80 per share.
$23.00 per share.

None of these answer choices is correct.

Explanation / Answer

$15.80 per share.

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