Aspen Corp. had the following common stock activity during the year:

January 1: Issued 150,000 shares of $5 par value common stock at $35 per share.

May 31: Repurchased 50,000 of the above shares at $38 per share

September 30: Reissued 25,000 of the repurchased shares at $40 per share

December 31: Reissued 25,000 of the repurchased shares at $34 per share.

Assuming that the company uses the cost method to record it's treasury stock activity, what is the effect of the above transactions on its retained earnings account?

a. $0

b. $ 50,000 decrease

c. $ 100,000 decrease