7. Cherokee, Inc. paid $180,000 to buy back 20,000 shares of its $1 par value common stock. This stock was sold later at a selling price of $6 per share. The entry to record the sale includes a credit to Paid-in Capital from Treasury Stock for $20,000. credit to Retained Earnings for $20,000. debit to Paid-in Capital from Treasury Stock for $180,000. debit to Retained Earnings for $60,000. none of the above are correct. @9059