Ronald Cummings Purchased 800 Shares of Barnum Corp $\begin{array}{lcc}\text { Cash } & 22,400 & \\\quad \text { Treasury Stock } && 22,400 \\\end{array}$

Ronald Cummings purchased 800 shares of Barnum Corp.'s common stock for $15 per share.Barnum Corp.'s shares have a par value of $2.If Ronald were to resell all its treasury stock at $28 per share,what journal entry would he make?

A) $\begin{array}{lcc}\text { Cash } & 22,400 & \\\quad \text { Treasury Stock } && 22,400 \\\end{array}$

B) $\begin{array}{lccc}\text { Cash } & 22,400 & \\\quad \text { Gain on Sale of Treasury Stock } && 10,400 \\\quad \text { Treasury Stock } & & 12,000 \\\end{array}$

C) $\begin{array}{lccc}\text { Cash } & 22,400 & \\\quad \text { Additional Paid-in Capital } & & 10,400 \\\quad \text { Treasury Stock } & & 12,000 \\\end{array}$

D) $\begin{array}{lccc}\text { Cash } & 22,400 & \\\quad \text { Gain on Sale of Treasury Stock } & & 22,400 \\\end{array}$

E) $\begin{array}{lccc}\text { Cash } & 12,000 & \\\quad \text { Treasury Stock } & & 12,000\end{array}$