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).)

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter23: Corporate Restructuring
Section: Chapter Questions
Problem 12P
Question
None
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).)
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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