Agee Storage issued 28 million shares of its $1 par common stock at $13 per share several years ago. Last year, for the first time, Agee reacquired 1 million shares at $11 per share. If Agee now retires 1 million shares at $16 per share. By what amount will Agee's total paid-in capital decline? (Enter your answer in millions (i.e., 10,000,000 should be entered as 10).) Total paid-in capital will decline by million

Agee Storage issued 28 million shares of its $1 par common stock at $13 per share several years ago. Last year, for the first time, Agee reacquired 1 million shares at $11 per share. If Agee now retires 1 million shares at $16 per share. By what amount will Agee's total paid-in capital decline? (Enter your answer in millions (i.e., 10,000,000 should be entered as 10).) Total paid-in capital will decline by million

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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