Buffalo Butter Co. had 40,000 shares of $4 par value common stock outstanding on January 1 On January 20, the company purchased 4,000 of its stock for $16 per share. On July 3, the company reissued 2,000 of the shares at $20 per share Buffalo Butter uses the cost method to account for its treasury stock. What journal entry will record the purchase of the stock on January 20? Multiple Choice O Debit Common Stock and credit Cash for $64.000 O Debit Treasury Stock for $16,000, debit Additional Paid-in Capital for $48,000, and credit Cash for $64.000 O Debit Treasury Stock and credit Cash for $64.000. O Debit Treasury Stock for $16.000, debit Common Stock for $48.000, and credit Cash for $64.000 O