Duke Corporation Reports the Following Components of Stockholders' Equity on December

Duke Corporation reports the following components of stockholders' equity on December 31, 2013: $\begin{array}{lr}\text { Common stock — } \$ 25 \text { par value, } 100,000 \text { shares authorized, 45,000 shares issued } & \$ 1,125,000 \\\text { and outstanding } \\\text { Paid-in capital in excess of par value, common stock } & 60,000\\\text { Retained earnings } & 460,000 \\\text { Total stockholders' equity }& \$ 1,645,000\end{array}$ In 2014, the following transactions affected its stockholders' equity accounts.
What is the journal entry required for the March 3 transaction?

A) $\begin{array}{|l|r|r|}\hline \text { Cash } & 28,000 & \\\hline \text { Treasury Stock } & & 25,000 \\\hline \text { Paid-In Capital, Treasury Stock } & & 3,000 \\\hline\end{array}$
B) $\begin{array}{|l|r|r|}\hline \text { Cash } & 28,000 & \\\hline \text { Treasury Stock } & & 28,000 \\\hline\end{array}$
C) $\begin{array}{|l|r|r|}\hline \text { Cash } & 28,000 & \\\hline \text { Treasury Stock } & & 27,000 \\\hline \text { Paid-In Capital, Treasury Stock } & & 1,000 \\\hline\end{array}$
D) $\begin{array}{|l|r|r|}\hline \text { Cash } & 28,000 & \\\hline \text { Common Stock } & & 25,000 \\\hline \text { PaidIn Capital, Common Stock } & & 3,000 \\\hline\end{array}$
E) $\begin{array}{|l|r|r|}\hline \text { Cash } & 28,000 & \\\hline \text { Retained Earnings } & & 28,000 \\\hline\end{array}$