Nicosia Corp

Nicosia Corp. was organized on January 1, 2020, with 50,000 common shares authorized, par value $ 15, and immediately sold 10,000 shares for $ 20 each. Later, Nicosia bought back 1,000 of these shares at $ 23 each and cancelled them. The entry to record the purchase would be $\begin{array}{ll} a) \text{ Common Shares............................ } & 23,000 & \\ \text{ Cash .......................................... } & & {23,000} \\ \\ b) \text{ Common Shares ............................ } & 15,000 & \\ \text{ Retained Earnings ............................} & 8,000 & \\ \text{ Cash ................................................. } & & 23,000 \\ \\ c) \text{ Common Shares ............................ } & 20,000 & \\ \text{ Contributed Surplus ....................... } & 3,000 & \\ \text{ Cash ................................................. } & & 23,000 \\ \\ d)\text{ Common Shares ............................ } & 15,000 & \\\text{ Contributed Surplus ............................ } & 8,000 & \\\text{ Cash ................................................. } & & 23,000 \\ \end{array}$