1. Using the following information, the journal entry to record the January 1, 2016 transaction will be:

   January 1, 2016:	Atlantic Corporation reacquires 2,000 shares of its $20 par common stock for $88 per share.
   March 5, 2016:	Atlantic reissues 1,000 of the above mentioned shares for $100 per share.

   A.

   Treasury Stock

   176,000

   Cash

   176,000

   B.

   Cash

   176,000

   Treasury Stock

   176,000

   C.

   Treasury Stock	40,000
   Paid-in Capital, Treasury Stock	136,000

   Cash

   176,000

   D.

   Investment in Treasury Stock

   176,000

   Cash

   176,000