Little Inc. is retiring 4,000 common shares for $50,000. The no-par shares were originally issued for $60,000 (average paid in value of $15 per share). How are the accounts in the shareholder's equity section impacted? Share capital is debited with $60,000, and retained earnings is debited with $10,000. Share capital is debited with $60,000, and contributed capital is credited with $10,000. Share capital debited with $50,000. Share capital is debited with $60,000, and retained earnings is credited with $10,000. When the reacquisition price of the shares is higher than the average price per share issued to date, the first step in the recording of the transaction is: A credit to share capital equal to the average paid-in value per issued share A credit to the contributed capital account from the retirement of shares A debit to the contributed capital account from the retirement of shares A credit to retained earnings