Entity K is authorized to issue 1,000,000 shares of $1 par value common stock. On January 15, Entity K issued 700,000 shares of stock at $7 per share. On September 5, it repurchased 20,000 shares of common stock for the treasury at $8 per share. The journal entry to record the September 5, treasury stock transaction includes:

a. a debit to Treasury Stock for $160,000

b. a debit to Long-Term Investments for $160,000

c. a debit to Common Stock for $20,000

d. a debit to Paid-In Capital in Excess of Par, Common Stock for $60,000