Use the Information Above to Answer the Following Question

Multiple Choice

Use the information above to answer the following question.What journal entry will record the purchase of the stock on January 20?

A) Debit Treasury Stock for $8,000, debit Additional Paid-in Capital for $24,000, and credit Cash for $32,000
B) Debit Treasury Stock and credit Cash for $32,000
C) Debit Treasury Stock for $8,000, debit Common Stock for $24,000, and credit Cash for $32,000
D) Debit Common Stock and credit Cash for $32,000