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

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter2: The Domestic And International Financial Marketplace
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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
Transcribed Image Text: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
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