March 5, January 1, Pacific Corporation reacquires 2,000 shares of its 2016: $10 par common stock for $44 per share. Pacific reissues 1,000 of the above mentioned 2016: shares for $50 per share. Based on the information above, the journal entry to record the January 1, 2016 transaction is: 20,000 Treasury Stock APIC, Treasury Stock 68,000 Cash 88,000 Treasury Stock 88,000 Cash 88,000 Investment in Treasury Stock 88,000 Cash 88,000 Cash 88,000 Treasury Stock 88,000