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Fudgin [204]
3 years ago
11

0.5 points eBookPrintReferences Check my work Check My Work button is now enabledItem 3Item 3 0.5 points Agee Storage issued 37

million shares of its $1 par common stock at $12 per share several years ago. Last year, for the first time, Agee reacquired 1 million shares at $10 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 $16 per share? (
Business
1 answer:
trapecia [35]3 years ago
8 0

Answer:

Decline in Agee's total paid up capital is $14,000,000

Explanation:

<u>Computation of decline in Paid-Up capital</u>

Particulars                                        Amount

Cash paid for first repurchase      $10,000,000

(1 million shares*$10)

Value of first purchase                   $12,000,000

(1 million * $12                                 <u>                        </u>

Benefit on first repurchase            $2,000,000

Cash paid for second repurchase = $16,000,000

(1 million shares * $16)

Value of second repurchase            $12,000,000

(1 million * $12)                                    <u>                        </u>

Reduction in Total paid-in-capital   <u>$14,000,000</u> ($2 million + $12 million)

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