Horton Industries’ shareholders’ equity included 130 million shares of $1 par common stock and a balance...
Horton Industries’ shareholders’ equity included 130 million
shares of $1 par common stock and a balance in paid-in
capital—excess of par of $1,300 million.
Assuming that Horton retires shares it reacquires (restores their
status to that of authorized but unissued shares), by what amount
will Horton’s total paid-in capital decline if it reacquires 2
million shares at $9.50 per share? (Enter your answer in
millions (i.e., 10,000,000 should be entered as
10).)
Homework Answers
Solution:
Common stock will decrease by = 2 millions* $1 = $2 millions
Paid in capital in excess of par decrease by = $1300 millions*2 millions shares / 130 millions shares
= $1300*2/130 = $20 millions
Decline in total paid in capital = $2 millions + $20 millions = $22 millions
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