Salem's Company issued 100,000 shares of $1 par value ordinary shares at a price of $10 per share. In addition, it has retained earnings of $300,000. On January 20, 2020, Salem acquires 10,000 of its shares at $11 per share. The journal entry to record the reacquisition is:

a.

Cash 100,000

Ordinary Shares 100,000

b.

Cash 10,000

Ordinary Shares 10,000

c.

Treasury Shares 110,000

Cash 110,000

d.

Treasury Shares 11,000,000

Cash 11,000,000

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The detailed answer for the above question is provided below c Treasury Shares 110000 ... View the full answer