A Company has 20,000 shares of $5 par value common stock outstanding. What journal entry would be made if a company purchased 1,000 shares of its own stock for $11.50 per share?

A. Debit Treasury Stock $5,000 and Credit Cash $5,000

B. Debit Treasury Stock $11,500 and Credit Cash $11,500

C. Debit Cash $11,500 and Credit Treasury Stock $11,500

D. Debit Cash $11,500, Credit Treasury Stock $5,000, Credit PIC in excess of Par - Treasury $6,500

E. Debit Cash $11,500, Credit Common Stock $5,000, Credit PIC in excess of Par - Common $6,500