8. Assume that on October 1 the company formally retired the remaining treasury stock (4 common shares). To avoid potential carryforward errors in your prior answers assume that at this date the correct balances in the stockholders' accounts were as follows (all accounts have their normal balance). Description Common Stock ($2 par) Paid in Capital - Common Stock Paid in Capital - Treasury Stock Retained Earnings Treasury Stock (4 shares of common at cost) Amount $1,000 3,000 40 600 50 The preferred entry under GAAP to record the formal retirement of the treasury stock would be: a. Common Stock 8 Paid in Capital - Common Stock 24 Paid in Capital - Treasury Stock Treasury Stock 18 50 b. Common Stock Paid in Capital - Common Stock 42 82 Treasury Stock 50 c. Common Stock 8 Loss on Retirement of TS 42 Treasury Stock 50 50 d. Treasury Stock 50 Paid In Capital - Retirement of TS 50 e. None of the above