38. The balance sheet of Holmes Services included the following shareholders' equity section at December 31, 2021: ($ in millions) Common stock ($1 par value,authorized 100 million shares, issued and outstanding 90 million shares) Paid-in capital - excess of par Retained earnings Total shareholders' equity ($ in millions) $ 90 540 280 $910 On January 5, 2022, Holmes purchased 1 million treasury shares for $9 million. Immediately after the purchase of the shares, the balances in the paid-in capital - excess of par and retained earnings accounts are: Paid-in capital Retained - excess of par earnings ABCD A. $534 $280 B. $540 $272 C. $534 $278 D. $540 $280 39. What is the effect of the declaration and subsequent issuance of a stock split (not effected in the form of a stock dividend) on each of the following? Retained earnings Paid-in capital no effect D. ARUD A. no effect B. no effect C. increase decrease increase decrease increase