Porter Corporation holds 10,000 shares of its $10 par common stock as treasury stock, which was purchased in 2013 at a cost of $140,000 . On December 10, 2014, Porter sold all 10,000 shares for $260,000 . Assuming that Porter used the cost method of accounting for treasury stock, this sale would result in a credit to
a. Paid-In Capital from Treasury Stock of $120,000.
b. Paid-In Capital from Treasury Stock of $110,000.
c. Gain on Sale of Treasury Stock of $120,000.
d. Retained Earnings of $120,000.
A
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