Using the following information, the journal entry to record the March 5, 2016 transaction will be:

January 1, 2016:	Pacific Corporation reacquires 2,000 shares of its $10 par common stock for $44 per share.
March 5, 2016:	Pacific reissues 1,000 of the above mentioned shares for $50 per share.

A.

Cash

50,000

	Treasury Stock		44,000
	Paid in capital, treasury stock		6,000

B.

Cash

50,000

	Treasury Stock		44,000
	Investment income on treasury stock		6,000

C.

Cash

50,000

	Treasury Stock		44,000
	Gain on sale of treasury stock		6,000

D.

Cash

50,000

	Treasury Stock		10,000
	Paid in capital, treasury stock		40,000