In previous years, Cox Transport reacquired 3 million treasury shares at $22 per share and, later, 2 million treasury shares at $27 per share.By what amount will Cox's paid-in capital-share repurchase increase if Cox now sells 2 million treasury shares at $30 per share and determines the cost of treasury shares by the FIFO method? (Enter answer in millions (i.e., 10,000,000 should be entered as 10).)
In previous years, Cox Transport reacquired 3 million treasury shares at $22 per share and, later, 2 million treasury shares at $27 per share.By what amount will Cox's paid-in capital-share repurchase increase if Cox now sells 2 million treasury shares at $30 per share and determines the cost of treasury shares by the FIFO method? (Enter answer in millions (i.e., 10,000,000 should be entered as 10).)
Chapter15: Dividend Policy
Section: Chapter Questions
Problem 12P
Question
None

Transcribed Image Text:In previous years, Cox Transport reacquired 3 million treasury shares
at $22 per share and, later, 2 million treasury shares at $27 per
share.By what amount will Cox's paid-in capital-share repurchase
increase if Cox now sells 2 million treasury shares at $30 per share
and determines the cost of treasury shares by the FIFO method?
(Enter answer in millions (i.e., 10,000,000 should be entered as 10).)
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