Problem:
In previous years, Cox Transport reacquired 2 million treasury shares at $22 per share and, later, 1 million treasury shares at $28 per share.
Required:
Question: By what amount will Cox's paid-in capital-share repurchase increase if it now sells 2 million treasury shares at $32 per share and determines cost of treasury shares by the FIFO method?
Note: Please describe comprehensively and provide step by step solution.