This is problem P-18-1 in the Intermediate Accounting 2 book from authors Spiceland, Nelson, and Thomas. I don't understand why PIC-in excess of par is debited at 38 and Retained Earnings is debited at 10. Why not have one of them debited at 48?

Part A During its first year of operations, the McCollum Corporation entered into the following transactions relating to shareholders' equity. The corporation was authorized to issue 100 million common shares, $1 par per share. Required: Prepare the appropriate journal entries to record each transaction. Jan. 9 Mar. 11 Issued 40 million common shares for $20 per share. Issued 5,000 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchange at $20 per share. Part B A new staff accountant for the McCollum Corporation recorded the following journal entries during the second year of operations. McCollum retires shares that it reacquires (restores their status to that of authorized but unissued shares). ($ in millions) Jan. 12 Sept. 1 Land.. Paid-in capital-donation of land.. Common stock Retained earnings........ Cash ................................ ... ... Cash .............. Common stock.. Gain on sale of previously issued shares..... Dec. 1 Required: Step 4 of 6 A General Journal Debit Ref. (million) Credit (million) Date Account Titles and Explanation Common Stock(2 million shares Paid-in-capital in excess of par Retained earnings Cash (To record shares reacquired) $38 $10 SSO Explanation: Cash is an asset and its balance decreases, so it is credited. Common stock is equity and its balance decreases, so it is debited. Paid in capital in excess of par is a liability and its balance decreases, so it is debited. Retained earnings is a liability and its balance decreases, so it is debited