Question: PROBLEM 1 APIC = Additional Paid in Capital (1) Several years ago, Company issued 100 shares of $1 par value common stock at $10 a

PROBLEM 1 APIC = Additional Paid in Capital (1) Several years ago, Company issued 100 shares of $1 par value common stock at $10 a share and prepared the following journal entry: (2) Assume that on July 1, 2022, Company repurchases 5 shares of stock at $12 a share and retires the stock. After the repurchase and retirement: (a) How much will owners' equity change? Increase or decrease? (b) How many shares will be considered issued and outstanding? (c) Prepare the journal entry to record the repurchase and retirement. (3) Ignore part 2. Assume that on July 1, 2022, Company repurchases 5 shares of stock at $12 a share and holds the stock as treasury stock. (a) How much will owners' equity change? Increase or decrease? (b) How many shares will be considered issued and outstanding? (c) Prepare the journal entry to record the repurchase. (4) Refer to part 3. Assume the 5 shares are reissued at $13 a share. Prepare Company's journal entry. How will total owners' equity change? (5) Refer to part 3 and ignore part 4. Assume the 5 shares are reissued at $10 a share (instead of \$13). Prepare Company's journal entry

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