Please show work. Correct answer is given. Thanks 5. Kettle Inc. was organized on January 2, Year 1, with 6,000,000 authorized and outstanding shares of $1 par value common stock. During Year 1 ; the company had the following capital transactions: January 5 issued 1,700,000 shares at $16 per share. July 27 purchased 200,000 shares at $14 per share. November 25 sold 120,000 shares of treasury stock at $18 per share. Kettle used the cost method to record the purchase of the treasury shares. What would be the balance in the APIC - Treasury Stock account at December 31, Year 1 ? $120 , 000 $640 , 000 $2 , 160 , 000 $480 , 000.