On April 1, 2020, Shepard Inc. purchased 500 shares of its own $15 par value common stock for $24,000. On September 30, 2020, Shepard sold 200 of these treasury shares for $14,400 cash. The journal entry to record the sale includes a:

Select one:

a. $4,800 credit to Paid-in Capital from Treasury Stock

b. $4,800 credit to Gain on Sale of Treasury Stock

c. $9,600 credit to Paid-in Capital from Treasury Stock

d. $24,000 credit to Treasury Stock