On January 1, 2010, Belmont Corporation had 50,000 shares of $10 par value common stock issued and outstanding. All 50,000 shares had been issued in a prior period at $15 per share. On February 1, 2010, Belmont purchased 2,000 shares of treasury stock for $18 per share and later sold the treasury shares for $20 per share on March 2, 2010 . The entry to record the purchase of the treasury shares
on February 1, 2010, would be:
a. Cash 36,000
Treasury Stock-Common 36,000
b. Cash 36,000
Treasury Stock-Common 30,000
Gain on Treasury Stock-Common 6,000
c. Treasury Stock, Common 30,000
Loss on Treasury Stock-Common 6,000
Cash 36,000
d. Treasury Stock, Common 36,000
Cash 36,000
D
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A warranty of title cannot be disclaimed
Indicate whether the statement is true or false