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Category > Accounting Posted 07 May 2017 My Price 5.00

Retirement of shares

Retirement of shares

Agee Storage issued 35 million shares of its $1 par common stock at $16 per share several years ago. Last year, for the first time, Agee reacquired 1 million shares at $14 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 $19 per share?

 

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Alpha Geek
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Status NEW Posted 07 May 2017 05:05 PM My Price 5.00

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file 1494177363-Answer.docx preview (102 words )
R-----------eti-----------rem-----------ent----------- of----------- sh-----------are-----------s -----------Age-----------e S-----------tor-----------age----------- is-----------sue-----------d 3-----------5 m-----------ill-----------ion----------- sh-----------are-----------s o-----------f i-----------ts -----------$1 -----------par----------- co-----------mmo-----------n s-----------toc-----------k a-----------t $-----------16 -----------per----------- sh-----------are----------- se-----------ver-----------al -----------yea-----------rs -----------ago-----------. L-----------ast----------- ye-----------ar,----------- fo-----------r t-----------he -----------fir-----------st -----------tim-----------e, -----------Age-----------e r-----------eac-----------qui-----------red----------- 1 -----------mil-----------lio-----------n s-----------har-----------es -----------at -----------$14----------- pe-----------r s-----------har-----------e. -----------Ass-----------umi-----------ng -----------tha-----------t A-----------gee----------- re-----------tir-----------es -----------sha-----------res----------- it----------- re-----------acq-----------uir-----------es -----------(re-----------sto-----------res----------- th-----------eir----------- st-----------atu-----------s t-----------o t-----------hat----------- of----------- au-----------tho-----------riz-----------ed -----------but----------- un-----------iss-----------ued----------- sh-----------are-----------s),----------- by----------- wh-----------at -----------amo-----------unt----------- wi-----------ll -----------Age-----------eâ€-----------™s -----------tot-----------al -----------pai-----------d-i-----------n c-----------api-----------tal----------- de-----------cli-----------ne -----------if -----------it -----------now----------- re-----------acq-----------uir-----------es -----------1 m-----------ill-----------ion----------- sh-----------are-----------s a-----------t $-----------19 -----------per-----------
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