And corporation reported the following: common stock, $5 par, 211,000 shares authorized, 165,000 shares issued $825,000paid in capital in excess of pacr ommon 217,000retained earnings 207,000total stockholders' equity $1,249,000which of the following is included in the entry to record the corporation's purchase of 40,000 shares of itscommon stock for $12.00 per share? a) treasury stockcommon is debited for $480,000.b) retained earnings is debited for $480,000.c) paid-in capital from treasury stock transactions is credited for $135,000.d) common stock$5 par value is credited for $200,000.

Treasury Stock Common is debited for $480,000

Explanation:

40,000 shares x $12 per share = $480,000

The purchase of stock will be recorded at cost:

treasury stock   480,000 debit

               cash                             480,000 credit

The common stock and additional paid-in capital are not modified.

If the company sales his Treasury Stock it will recognize the difference against paid-in capital

If the company retires this shares, it will adjust agains common stock and additional paid-in

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