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Pember Corporation started business in 2012 by issuing 200,000 shares of $20 par common stock for $27 each. In 2017, 25,000 of these shares were

Pember Corporation started business in 2012 by issuing 200,000 shares of $20 par common stock for $27 each. In 2017, 25,000 of these shares were purchased for $39 per share by Pember Corporation and held as treasury stock. On June 15, 2018, these 25,000 shares were exchanged for a piece of property that had an assessed value of $760,000. Pembers stock is actively traded and had a market price of $45 on June 15, 2018. The cost method is used to account for treasury stock. The amount of paid-in capital from treasury stock transactions resulting from the above events would be

a. $750,000.

b. $450,000.

c. $215,000.

d. $150,000.

I know the answer is 150,000, but I would like to see the journal entries for this question. Thank you.

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