Lakers Inc, reacquired a number of its own shares in one transaction in December. (Assume no previous reacquisitions of stock.) Lakers Inc. could account for the reacquisition transaction using two different methods, illustrated as Option One and Option Two. (1) Common stock 170,000 shares authorized (2) Treasury stock, 3,400 shares Required a. Identify which accounting method the company used in Option One to account for the reacquisition of common stock - the direct retirement method or the treasury stock method. ecreate the accounting entry to record the reacquisition of common stock. Identify which accounting method the company used in Option Two to account for the reacquisition of mmon stock-the direct retirement method or the treasury stock method. b. Identify which accounting method the company used in Option Two to account for the reacquisition of common stock - the direct retirement method or the treasury stock method. Recreate the accounting entry to record the reacquisition of common stock. c. Determine the shares issued and shares outstanding on December 31 under Option One. d. Determine the shares issued and shares outstanding on December 31 under Option Two