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On October 22,2023, Corona Corporation reacquired 2,000 shares of its own $5 par stock for...

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Accounting

On October 22,2023, Corona Corporation reacquired 2,000 shares of its own $5 par stock for $60,000 cash. On December 23,2023,600 of the treasury shares were reissued at a price of $40 per share.
As a result of the reacquisition of the 2,000 shares on October 22,2023, Corona:
Select one:
a. Has violated stock buyback provisions of the Securities & Exchange Commission.
b. Will NOT record any change in total assets.
c. Will record a reduction in total assets and in total stockholders' equity.
d. Will record a new asset, "Treasury Stock", for $60,000.
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