Covington Corporation has 120,000 shares authorized, 85,000 shares issued, 60,000 shares outstanding and 25,000 shares held as treasury stock. If a $2.00 per share dividend is declared by the board of directors, the total value of the cash dividend would be: $240,000 $50,000 $170.000 $120.000 JC Corporation had 30,000 shares of $6 par value common stock outstanding on January 1, 2021. On January 20, 2021, the company repurchased 1,500 of its outstanding shares at $15 per share. What journal entry is needed on January 20th? Treasury Stock Cash 22.500 22.500 Treasury Stock Common Stock Cash 9.000 13,500 22.500 Common Stock Cash 22.500 22.500 Treasury Stock Additional Paid-in Capital Cash 9.000 13.500 22,500