gnment FULL SCREEN PRINTER VERSION BACK NEXT > Question 7 Apricot Inc. is reacquiring 25,000 common shares. The price is $4.25/share and the average price is $4.00. Assuming that there is a contributed surplus balance of $5,000, the entry to record the transaction would be debit to Common shares and Retained Earnings and credit to Cash. debit to Common shares and Contributed Surplus and credit to Cash. O debit to Common shares and credit to Cash. debit to Common shares, Contributed Surplus, and Retained Earnings and credit to Cash. Question Attempts: 0 of 1 used