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During its first year of operation, Oakridge Corporation issued 180 million shares of $1 par common stock at a price of $7 per share. At

During its first year of operation, Oakridge Corporation issued 180 million shares of $1 par common stock at a price of $7 per share. At the end of that first year, the balance sheet of Oakridge Company included the following shareholders' equity section:

Oakridge Company Shareholder Equity

December 31, 2021

($ in millions)

Common stock ($1 par, authorized 200 million shares, issued and outstanding 180 million shares)

$

180

Paid-in capitalexcess of par

1,080

Retained earnings

560

Total shareholders' equity

$

1,820

On January 1, 2022, Oakridge Co. purchased and retired 2 million shares of its common stock for $18 million ($9 per share). Using the table below, provide the new balances for the shareholders equity accounts for immediately after retirement of the shares on Jan. 1, 2022.

Oakridge Company Shareholder Equity

January 1, 2022

($ in millions)

Common stock ($1 par, authorized 200 million shares, issued and outstanding 178 million shares)

Paid-in capitalexcess of par

Retained earnings

Total shareholders' equity

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