Standard Corp

Multiple Choice

Standard Corp.repurchased 1,000 shares of its $1 par value common stock on the market when it was trading for $16 per share.How would the company record this transaction?

A) Debit Treasury Stock for $1,000 and credit Cash for $1,000.
B) Debit Treasury Stock,Common for $1,000 and credit Cash for $1,000.
C) Debit Treasury Stock,$1 Par Value for $16,000 and credit 16 for $16,000.
D) Debit Treasury Stock,Common for $16,000 and credit Cash for $16,000.
E) Debit Retained Earnings for $16,000 and credit Treasury Stock,Common for $16,000.