On September 1, 2019, Valdez Company reacquired 12,000 shares of its P10 par value ordinary shares for P15 per share. Valdez uses the cost method to account for treasury shares. The journal entry to record the reacquisition of the stock should debit:

a. Treasury Shares for P120,000. b. Ordinary shares for P120,000. c. Ordinary Shares for P120,000 and Premium shares in Excess of Par for P60,000. d. Treasury Shares for P180,000.