The balance sheet of Chunn Industries included the following shareholders' equity section at December 31, 2018 ($ in millions):

Common stock ($1 par value, authorized 100M shares,

issued and outstanding $90M shares)

Paid-in capitalexcess of par 540

Retained earnings 280

Total shareholders' equity $910

On January 5, 2019, Chunn purchased and retired 1 million shares for $9 million. Immediately after the purchase of the shares, the balances in the paid-in capitalexcess of par and retained earnings accounts are:

Paid-in capital Retained excess of par earnings

a. $540 $280

b. $540 $272

c. $534 $278

d. $532 $280