On January 1, Vermont Corporation had 47,400 shares of $9 par value common stock issued and outstanding. All 47,400 shares had been issued in a prior period at $18 per share. On February 1, Vermont purchased 1,170 shares of treasury stock for $28 per share and later sold the treasury shares for $21 per share on March 1 . The journal entry to record the purchase of the treasury shares on February 1 would include a croplite a ras account for 511,700 debit lo a loss avcoune for 511,700. credit to Treanury 5tock for 532760 . debit ta Treasury 5 sock for 532,760. When callable bonds are redeemed below the carrying amount a. loss on redemption of bonds is debited b. retained earnings is debited c. retained earnings is credited d. gain on redemption of bonds is credited