On January 1, Vermont Corporation had 42,500 shares of $10 par value common stock issued and outstanding. All 42,500 shares had been issued in a prior period at $19 per share. On February 1, Vermont purchased 1,200 shares of treasury stock for $28 per share and later sold the treasury shares for $22 per share on March 1.

The journal entry to record the purchase of the treasury shares on February 1 would include a

a.credit to Treasury Stock for $33,600

b.debit to a loss account for $10,800

c.credit to a gain account for $10,800

d.debit to Treasury Stock for $33,600