LONDON COMPANY reports the following at the end of December 2020.

• Authorized Share Capital: 500,000 Ordinary Shares, $10 Par Value.
• Issued Share Capital: 400,000 Ordinary Shares issed at $60 per share
• Retained Earnings: $6,250,000
• The Company has never repurchased (i.e., reacquired) its own shares up to the end of December 2020.

The following Transactions took place in January 2021

January 3: LONDON Company repurchased 50,000 of its own shares at $75 per share

January 16: LONDON Company re-issued 15,000 of the repurchased shares at $100 per share

January 21: LONDON Company re-issued 20,000 of the repurchased shares at $50 per share

LONDON Company records Journal Entries for each of the above transactions.

For the January 3 transaction, what is the correct journal entry with respect to TREASURY SHARES?

Select one:

a. DEBIT $3,000,000

b. None of these answers

c. CREDIT $3,000,000

d. CREDIT $3,750,000

e. DEBIT $3,750,000

For the January 16 transaction, what is the correct journal entry with respect to TREASURY SHARES?

Select one:

a. DEBIT $1,125,000

b. CREDIT $1,450,000

c. CREDIT $1,125,000

d. DEBIT $1,450,000

e. None of these answers

For January 16 transaction, what is the correct journal entry with respect to SHARE PREMIUM -TREASURY?

Select one:

a. DEBIT $1,400,000

b. CREDIT $375,000

c. DEBIT $375,000

d. CREDIT $1,400,000

e. None of these answers

For the January 21 transaction, what is the correct entry with respect to CASH?

Select one:

a. DEBIT $340,000

b. DEBIT $1,000,000

c. None of these answers

d. CREDIT $1,000,000

e. CREDIT $340,000

For the January 21 transaction, what is the correct entry with respect to RETAINED EARNINGS?

Select one:

a. DEBIT $125,000

b. None of these answers

c. CREDIT $150,000

d. DEBIT $150,000

e. CREDIT $125,000