Using the following information, the journal entry to record the January 1 transaction will be:

January 1:	Pacific Corporation reacquires 2,000 shares of its $5 par common stock for $22 per share.
March 5:	Pacific reissues 1,000 of the above mentioned shares for $25 per share.

Select one:

A.

Cash	44,000
Treasury Stock, Common		44,000

B.

Treasury Stock, Common	10,000
Paid-in-capital, Treasury Stock	34,000
Cash		44,000

C.

Investment in Treasury Stock	44,000
Cash		44,000

D.

Treasury Stock, Common	44,000
Cash		44,000