Carla Vista Enterprises buys back 600,000 shares of its stock from investors at $6.50 a share. Two years later, it reissues this stock for $6.00 a share. The stock reissue would be recorded with a debit to Cash for:
A. $3.9 million and a credit to Treasury Stock for $3.9 million.
B. $3.9 million, a credit to Treasury Stock for $3.6 million, and a credit to Additional Paid-in Capital for $300,000.
C. $3.6 million, a debit to Additional Paid-in Capital for $300,000, and a credit to Treasury Stock for $3.9 million.
D. $3.6 million and a credit to Treasury Stock for $3.6 million.
Answer: C
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