The company has issued 40,000 ordinary shares with P10 par value issued at P12 per shares wherein there are 6,000 reacquired shares at P11 per share. Subsequently, the company sold at P 9 per share the 4,000 treasuryshares. What will be the journal entry in recording the reacquisition?

a. debit cash P 36,000

debit retained earnings 8,000

credit Treasury shares P44,000

b. debit treasury share P 66,000

credit Cash P66,000

c. debit treasury shares P 72,000

credit cash P72,000

d. debit cash P 44,000

credit treasury shares 36,000

credit Paid in Capital from Treasury shares P8,000