Question: Phi Phi O'Hara's NNonky Eyelashes is repurchasing shares using the retirement method. They currently have a $5,000 balance in their PIC-Share Repurchases account. When they

Phi Phi O'Hara's NNonky Eyelashes is repurchasing shares using the retirement

Phi Phi O'Hara's NNonky Eyelashes is repurchasing shares using the retirement method. They currently have a $5,000 balance in their PIC-Share Repurchases account. When they sold the shares on January 31st, 2019. they received $120,000 for 10,000 shares with a par value of $1 each. Unfortunately, the market for wonky eyelashes has collapsed, and they are repurchasing each of the 10.000 shares for $9.50 each. Which of the following will be included in their journal entry to repurchase the shares? O Credit PIC - Common Stock for $110,000 O Debit PIC - Common Stock for $85.000 O Debit PIC - Common Stock for $110,000 O None of the given answers. Debit PIC - Share Purchases for $5,000

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