USE THE FOLLOWING INFORMATION FOR QUESTIONS #2-4: Before Repurchase $200,000 Credit 40,000 $5.00 Common Stock # of Shares Outstanding Par Value per Share APIC in Excess of Par Value APIC Share Repurchases Retained Earnings $1,000,000 $10,000 $1,500,000 $2.710,000 Credit Credit Credit $20.00 per share 16,000 Common Shares are repurchased at Common Shares reacquired *These shares are NOT retired Additional Facts: Common Shares reissued (sold) Common Shares (sold) for 16,000 $18.00 per share Journal entry from outline 2. What is the journal entry booked when the common shares are repurchased? A. Debit Common Stock for $80,000. Debit APIC in Excess of Par Value for $400,000, Credit APIC - Share Repurchases for $160,000, and Credit Cash for $320,000 B. Debit Common Stock for $80,000, Debit APIC in Excess of Par Value for $240,000 and Credit Cash for $320,000 C. Debit Treasury Stock for $320,000 and Credit Cash for $320,000 D. Debit Treasury Stock for $240,000 and Credit Cash for $240,000 3. What is the ending balance in the APIC-Share Repurchases account after the reissuance? A. $218,000 Credit B. $0 Credit C. $10,000 Debit D. $138,000 Credit 4. What is the impact to Retained Earnings from the reissuance journal entry? A. $22,000 Debit B. $22,000 Credit C. $32,000 Debit D. No impact, Retained Earnings is not one of the accounts used in that journal entry