A company issued 4,000 shares of $5 par common stock for $30 per share. The company purchased 1,200 shares as treasury stock at $32 per share. Later, the company reissued 400 shares of the treasury stock at $34 per share. Which of the following is true?

a. The Treasury Stock account should have a balance of $25,600.

b. The Treasury Stock account should have a balance of $24,800.

c. The company has a gain of $800 that should appear on the income statement.

d. The company has a gain of $1,600 that should appear on the income statement.