Brief Exercise 18-6 Retirement of shares [LO18-5]

Horton Industries shareholders equity included 110 million shares of $1 par common stock and a balance in paid-in capitalexcess of par of $880 million.

Assuming that Horton retires shares it reacquires (restores their status to that of authorized but unissued shares), by what amount will Hortons total paid-in capital decline if it reacquires 1 million shares at $7.00 per share? (Enter your answer in millions.)