When it began business in 2026, Ajax, Inc. issued 150,000 shares of $1 par stock for $1,500,000. In the following year, the company repurchased 20,000 shares for $240,000 and held them as treasury stock using the cost method. In 2028, 5,000 of the repurchased shares were resold for $90,000. In its balance sheet dated December 31, 2028, Ajax, Inc.'s treasury stock account shows a balance of:

Question 8 options:

	$180,000
	$90,000
	$150,000
	$240,000