Brief Exercise 18-6 (Algo) Retirement of shares [LO18-5] Agee Storage issued 43 million shares of its $1 par common stock at $18 per share several years ago. Last year, for the first time, Agee reacquired 1 million shares at $16 per share. Assuming that Agee retires shares it reacquires (restores their status to that of authorized but unissued shares), by what amount will Agee's total paid-in capital decline if it now reacquires 1 million shares at $22 per share? (Enter your answer in millions (i.e.. 10,000,000 should be entered as 10).) Total paid-in capital will decline by million
Brief Exercise 18-6 (Algo) Retirement of shares [LO18-5] Agee Storage issued 43 million shares of its $1 par common stock at $18 per share several years ago. Last year, for the first time, Agee reacquired 1 million shares at $16 per share. Assuming that Agee retires shares it reacquires (restores their status to that of authorized but unissued shares), by what amount will Agee's total paid-in capital decline if it now reacquires 1 million shares at $22 per share? (Enter your answer in millions (i.e.. 10,000,000 should be entered as 10).) Total paid-in capital will decline by million
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Munabhai
![Brief Exercise 18-6 (Algo) Retirement of shares [LO18-5]
Agee Storage issued 43 million shares of its $1 par common stock at $18 per share several years ago. Last year, for the first time, Agee
reacquired 1 million shares at $16 per share.
Assuming that Agee retires shares it reacquires (restores their status to that of authorized but unissued shares), by what amount will
Agee's total paid-in capital decline if it now reacquires 1 million shares at $22 per share? (Enter your answer in millions (i.e..
10,000,000 should be entered as 10).)
Total paid-in capital will decline by
million:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F78e6164f-7179-42e2-939c-4f17c8088c39%2Fd3e262a0-bb52-4ee9-bc69-45798a3f4527%2Fl8oamf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Brief Exercise 18-6 (Algo) Retirement of shares [LO18-5]
Agee Storage issued 43 million shares of its $1 par common stock at $18 per share several years ago. Last year, for the first time, Agee
reacquired 1 million shares at $16 per share.
Assuming that Agee retires shares it reacquires (restores their status to that of authorized but unissued shares), by what amount will
Agee's total paid-in capital decline if it now reacquires 1 million shares at $22 per share? (Enter your answer in millions (i.e..
10,000,000 should be entered as 10).)
Total paid-in capital will decline by
million:
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