On January $1,$ Vermont Corporation had $39,200$ shares of $$12$ par common stock issued and outstanding. All $39,200$ shares had been issued in a prior period at $$21$ per share. On February $1,$ Vermont purchased $1,100$ shares of treasury stock for $$28$ per share and later sold the treasury shares for $$19$ per share on March $1.$

The entry to journalize the purchase of the treasury shares on February $1$ would include a

a$.$ debit to Treasury Stock for $$30,800.$

b$.$ credit to Treasury Stock for $$30,800.$

c$.$ debit to a loss account for $$7,700.$

d$.$ credit to a gain account for $$7,700.$