On January 1,2014,Elliott Corp

Multiple Choice

On January 1,2014,Elliott Corp.repurchased 1,000 shares of its $1 par value common stock on the market when it was trading for $15 per share.On March 1,2104,Elliott reissued the treasury stock by selling it for $15 per share.How would the company record the March 1 transaction?

A) Debit Treasury Stock,Common for $15,000 and credit Cash for $15,000.
B) Debit Treasury Stock,Common for $10,000 and credit Cash for $10,000.
C) Debit Cash for $15,000 and credit Treasury Stock for $15,000.
D) Debit Cash for $15,000 and credit Treasury Stock,Common for $15,000.
E) Debit Retained Earnings for $15,000 and credit Treasury Stock,Common for $15,000.