Cooper Corporation Has 100,000 Common Shares Issued at an Average

Multiple Choice

Cooper Corporation has 100,000 common shares issued at an average price of $20 per share. Cooper reacquires 1,000 shares for $19,500 and cancels them. The journal entry would include:

A) a $19,500 debit to cash.
B) a $500 debit to Loss on Reacquisition of Common Shares.
C) a $500 credit to Gain on Reacquisition of Common Shares.
D) a $20,000 debit to Common Shares.