38.

The balance sheet of Messi Services included the following shareholders' equity section at 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 5, 2022, Messi purchased 2 million treasury shares for $9 million. Immediately after the purchase of the shares, the balances in the paid-in capitalexcess of par and retained earnings accounts are:

	Paid-in capitalexcess of par					Retained earnings
a.		$	1,068				$	556
b.		$	1,064				$	560
c.		$	1,080				$	560
d.		$	1,080				$	544

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Multiple Choice

Option C

Option A

Option B

Option D