Use the Following Information for Questions

Multiple Choice

Use the following information for questions.
When Oslo Ltd. was organized last year, they issued 100,000 no par value common shares for $ 1,200,000. Earlier this year, the corporation purchased 4,000 of these shares at $ 15 per share, to be held in the treasury, and three months later, sold 2,000 treasury shares at $ 19 per share. There were no other treasury share transactions.
-To record the sale of the 2,000 treasury shares, Oslo should credit

A) Treasury Shares for $ 38,000.
B) Treasury Shares for $ 20,000 and Contributed Surplus for $ 18,000.
C) Treasury Shares for $ 30,000 and Contributed Surplus for $ 8,000.
D) Treasury Shares for $ 30,000 and Retained Earnings for $ 8,000.