In 2022, Willie Winn, Incorporated issued $1 par common stock for $35 per share. No other common stock transactions occurred until July 31, 2024, when Winn acquired some of the issued shares for $30 per share and retired them. Which of the following statements states an effect of the issuance and subsequent retirement of the shares?

A. 2024 net income is increased.

B. Retained earnings is increased.

C. 2024 net income is decreased.

D. Additional paid-in capital is increased.