Sheridan Corporation has the following shareholders equity on December 31, 2021:

Shareholders' equity

Share capital $10 convertible preferred shares,

10,000 shares authorized, 5800 shares issued $564000

Common shares,

200,000 shares authorized, 75000 shares issued 1830000

Total share capital 2394000

Retained earnings 442000

Total shareholders equity $2836000

If 9300 common shares were reacquired for $26 per share, the journal entry to record the transaction would

a. credit Common Shares for $241800.

b. credit Retained Earnings for $14880.

c. credit Contributed SurplusReacquisition of Shares for $14880.

d. debit Common Shares for $226920.