By what amount will agee total paid-in capital decline

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Reference no: EM131922298

Question: Agee Storage issued 41 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 $20 per share? (Enter your answer in millions.)

Reference no: EM131922298

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