Peebles Company Purchased 2,000 Shares of Its Own £5 Par

Multiple Choice

Peebles Company purchased 2,000 shares of its own £5 par value ordinary shares, paying £14 per share. The shares were originally sold for £9 each. The journal entry to record the purchase of treasury shares includes a debit to

A) Share Capital-Ordinary for £10,000.
B) Treasury Shares for £28,000.
C) Share Premium-Ordinary for £8,000.
D) Retained Earnings for £10,000.