Question: Using the following information, the journal entry to record the January 1, 2016 transaction will be: January 1, 2016: Atlantic Corporation reacquires 2,000 shares of

  1. Using the following information, the journal entry to record the January 1, 2016 transaction will be:

    January 1, 2016:

    Atlantic Corporation reacquires 2,000 shares of its $20 par common stock for $88 per share.

    March 5, 2016:

    Atlantic reissues 1,000 of the above mentioned shares for $100 per share.

    A.

    Treasury Stock

    176,000

    Cash

    176,000

    B.

    Cash

    176,000

    Treasury Stock

    176,000

    C.

    Treasury Stock

    40,000

    Paid-in Capital, Treasury Stock

    136,000

    Cash

    176,000

    D.

    Investment in Treasury Stock

    176,000

    Cash

    176,000

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