Gleason Corporation has authorized 40,000 shares of $10 par value common stock. The following events occurred during the year.

1.	Issued 16,000 shares of the common stock for $12 per share.
2.	Purchased back 2,000 shares of the common stock for $14 per share.
3.	Reissued 600 of the 2,000 shares (from event 2) at a price of $15 per share.

Which of the following is the correct journal entry to record the buyback of the 2,000 shares of common stock? Gleason Corporation uses the cost method of accounting for treasury stock.

a.

	Debit	Credit
Treasury Stock	28,000
Cash		28,000

b.

	Debit	Credit
Cash	28,000
Treasury Stock		28,000

c.

	Debit	Credit
Treasury Stock	20,000
Paid-in Capital in Excess of Cost of Treasury Stock	8,000
Cash		28,000

d.

	Debit	Credit
Cash	28,000
Treasury Stock		20,000
Paid-in Capital in Excess of Cost of Treasury Stock		8,000