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Find which journal entry to record retirement of the shares

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Problem 1: Entity A reacquires 1,000 of its own shares for $25 and immediately retires theme. The shares have par value of $10 and were originally issued at $30 per share. The journal entry to record the retirement of the shares includes which of the following?

A. Debit to RETAINED EARNINGS for $5,000

B. Credit to TREASURY SHARES for $30,000

C. Credit to SHARE CAPITAL for $10,000

D. Credit to SHARE PREMIUM-RETIREMENT for $500,000

Reference no: EM132718361

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