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Which the journal entry to record the reissuance

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Problem 1: Two years ago. Entity A reacquired 2,000 of its own shares with par value of $100 per share for $240,000. Today, Entity A reissues half of the treasury shares at $160 per share .The journal entry to record the reissuance include which of the following?

A. Credit to RETAINED EARNIGS - UNRESTRICTED ACCOUNT FOR 240,000

B. Debit to Treasury shares account for $ 120,000

C. Credit to share premium- Treasury shares for $80,000

D. Credit to Share premium-treasury shares for $40,000

Reference no: EM132718354

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