please answer. correct if there is mistake.

Question 7 PAC Strategic Inc. has a total of 50,000 common shares issued and outstanding with a balance in its Common Shares account of $150,000. On February 8, PAC reacquired 5,000 of its common shares at a market price of $4.25 per share. To record this reacquisition PAC would debit the Common Shares account forQuestion 8 Your answer has been saved and sent for grading. See Gradebook for score details. A change in accounting policy is permitted O if the shareholders vote for the change. O whenever management wishes, as long as the effects of the change are clearly disclosed. if the new principle results in a more reliable and relevant presentation of events or transactions. O whenever management needs to improve the company's profit