Question 5 (2.5 points) Based on the following information, the journal entry to record the January 1, 2017 transaction will be: January 1, 2017: Pacific Corporation reacquired 2,000 shares of its $10 par common Stock for $44 per share April 15, 2017: Pacific requires 1,000 of the above mentioned shares for $50 per Share. 88,000 88,000 Cash Treasury Stock Treasury Stock Cash 88,000 88,000 20,000 Treasury Stock Paid-in-capital, Treasury Stock Cash 68,000 88,000 Investment in Treasury Stock Cash 88,000 88,000 Question 9 (2.5 points) The December 31, 2016, balance sheet of Harper Company includes the following information: $ 240,000 120,000 307,500 Cash Short-term Investments Accounts Receivable Inventory Prepaid Expenses Current Liabilities Total Liabilities 720,000 160,000 750,000 940,000 What is Harper's quick ratio at December 31, 2016? 1.56 0.89 2.72 1.39