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On January 1, Vermont Corporation had 44,300 shares of $9 par value common stock issued and...

On January 1, Vermont Corporation had 44,300 shares of $9 par value common stock issued and outstanding. All 44,300 shares had been issued in a prior period at $21 per share. On February 1, Vermont purchased 1,100 shares of treasury stock for $28 per share and later sold the treasury shares for $18 per share on March 1.

The journal entry to record the purchase of the treasury shares on February 1 would include a

a.debit to Treasury Stock for $30,800

b.credit to a gain account for $7,700

c.credit to Treasury Stock for $30,800

d.debit to a loss account for $7,700

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