Rakish Co Purchases 3,500 Shares of Its Own $1 Par Value

Rakish Co. purchases 3,500 shares of its own $1 par value common stock for $80 per share. Which of the following is the correct journal entry to record this transaction?

A) Debit Common stock $3,500, debit Paid-in capital $276,500 and credit Cash $280,000.
B) Debit Cash $280,000, credit Common stock $3,500 and credit Paid-in capital $276,500.
C) Debit Cash $280,000 and credit Treasury stock $280,000.
D) Debit Treasury stock $280,000 and credit Cash $280,000.