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Use the following information for questions 7 and 8 Reprieve Co. issued 20,000 additional shares of its common stock for P4,800,000. Reprieve Co.'s owners' equity section immediately before and immediately after this issuance of stock transaction are presented below: Before After 3,000,000 3,600,000 Capital Stock, P30 value Additional paid in capital 7,500,000 11,700,00 Retained Earnings 11,700,000 11,700,000 22,200,000 27,000,000 Total Owners' Equity 7. Assume that Reprieve Co. issued this stock to the general public, by what amount should Respite Corp. the owner of 80,000 of the outstanding shares of Reprieve Co. adjust its investment in subsidiary account because of the issuance of stock by Reprieve Co.? A. 240,000 credit B. 240,000 debit C. 3,840,000 credit D. 3,840,000 debit 8. Assume that Reprieve Co. issued stock to Respite Corp., whose ownership interest thereby increased from 80,000 shares to 100,000. If the carrying value of the identiable assets of Reprieve is equal to their fair value at the time the additional shares are issued, the goodwill indicated in the purchase of the additional shares equals A. 80,000 B. 60,000 C. 960,000 D. 961,000