Answer the following question:

MAR Corp has 50,000 common shares issued and outstanding for a total of $2,000,000. No other contributed capital accounts exist for the company. For the first time in history, MAR Corp repurchased 10,000 shares for $43 per share.

Which statement is correct?

a) The equity section will report a $30,000 debit balance in contributed surplus.

b) The equity section will report 40,000 common shares issued.

c) The company will record a $30,000 debit to retained earnings.

d) The equity section will report a $30,000 credit balance in contributed surplus.

e) The equity section will report $1,570,000 for common shares outstanding.