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What journal entry to record the purchase of the treasury

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On January 1, Vermont Corporation had 38,800 shares of $11 par value common stock issued and outstanding. All 38,800 shares had been issued in a prior period at $19 per share. On February 1, Vermont purchased 1,000 shares of treasury stock for $27 per share and later sold the treasury shares for $18 per share on March 1.

Problem 1: The journal entry to record the purchase of the treasury shares on February 1 would include a

Option 1: credit to Treasury Stock for $27,000.
Option 2: debit to a loss account for $8,000.
Option 3: credit to a gain account for $8,000.
Option 4: debit to Treasury Stock for $27,000.

Reference no: EM132779080

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