QUESTION 41 Lewandowski Co.'s balance sheet as of March 31, 2016 shows: Common stock, $10 par $3,000,000 Paid-in capital in excess of par 8,000,000 Retained earnings 3,750,000 Lewandowski buys 15,000 shares of its common stock at $29 a share on April 13, 2016. Lewandowski had not repurchased shares before. On May 5. 2016, Lewandowski sells 7,000 shares of treasury stock at $31 a share. On May 18, 2016, the company sells 3,000 shares of treasury stock at $23 a share. Which of the following statements about the entry on May 18 to record the sale of Treasury Stock are correct? (1 W Increases stockholders' equity by $87,000 Increases assets by $69,000 Does not affect retained earnings Reduces retained earnings by $4,000 Increases additional paid in capital by $14,000 (iv) (i) and (iii) (il) and (iv) (ii) and (III) (iil) and (v)