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On March 1, 2020, Pongo, Inc. purchased 320 shares of its own $20 par value...

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Accounting

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On March 1, 2020, Pongo, Inc. purchased 320 shares of its own $20 par value common stock for $24,000. On June 30, 2020, Pongo sold 220 of these treasury shares for $18,480 cash. The journal entry to record the sale includes a: Select one: a $16,500 credit to Paid in Capital from Treasury Stock b. $24,000 credit to Treasury Stock C. $1,980 credit to Paid-in Capital from Treasury Stock d. $1,980 credit to Gain on Sale of Treasury Stock

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