Horton Industries’ shareholders’ equity included 140 million shares of $1 par common stock and a balance in paid-in capital - excess of par of $1,120 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 $7.00 per share? (Enter your answer in millions (i. e., 10,000,000 should be entered as 10).)

The total paid-in capital declines by $17 million

Explanation:

The necessary entries to record the repurchase of shares  are as follows:

Dr Common stock      $1*2,000,000    $2,000,000

Dr Paid-in capital in excess of par

1120*140*2000,0000                             $ 16,000,000

Cr Cash  $7*2000,000                                                        $14,000,000

Cr Share repurchase(balancing figure)                                $4,000,000

Invariably, the paid-in capital declines by the difference the total of common stock and paid-in capital in excess of par ($2m+$16m) and the share repurchase,hence the it declines by $17 million

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1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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