26. On December 10, 2004, Smitty Corporation reacquired 2,000 shares of its own $5 par value stock at a price of $60 per share. In 2005, 500 of the treasury shares are reissued at a price of $70 per share. Which of the following is true? a. The treasury stock purchased is recorded at a cost and is shown in Smitty's December 31, 2004, balance sheet as an asset. b. The two treasury stock transactions result in an overall net reduction in Smitty's stockholder's equity of $85,000 c. Smitty recognizes a gain of $10 per share on the reissuance of the 500 treasury shares. d. Smitty's stockholders' equity was increased by $110,000 when the treasury stock was acquired