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January 1: Walgreens reacquires 2,400 shares of its $18 par value Common Stock for $79...

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Accounting

January 1: Walgreens reacquires 2,400 shares of its $18 par value Common Stock for $79 per share. March 5: Walgreens reissues 1,200 of the above-mentioned shares for $90 per share.

Using the above information, the journal entry to record the March 5th transaction will be:

Select one:

a.

Debit Credit
Cash 108,000
Treasury Stock 108,000

b.

Debit Credit
Cash 108,000
Treasury Stock 94,800
Gain on Sale of TS 13,200

c.

Debit Credit
Cash 108,000
Treasury Stock 94,800
APIC TS 13,200

d.

Debit Credit
Cash 108,000
Treasury Stock 94,800
Investment Income 13,200

e.

Debit Credit
Cash 108,000
Treasury Stock 21,600
APIC TS 86,400

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