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

Duke Corporation reports the following components of stockholders' equity on December 31,2013:
$\begin{array}{lr}\text { Common stock }-\$ 2.5 \text { par value, } 100,000 \text { shares authorized, } 38,000 \text { shares }\\\text { issued and outstanding } & \$1,125,000 \\ \text { Paid-in capital in excess of par value, common stock } & 60,000 \\\text { Retained earnings } & 460,000 \\ \text { Total stockholders' equity } & \$ 1,645,000\end{array}$


In 2014,the following transactions affected its stockholders' equity accounts.
Jan. 1 Purchased 4,500 shares of its own stock at $\$ 27$ cash per share.

Jan. 5 Directors declared a $\$ 3$ per share cash dividend payable on February 28 to the February 5 stockholders of record.

Feb. 28 Paid the dividend declared on January 5 .

Mar: 3 Sold 1,000 shares of treasury stock for $\$ 28$ per share.
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) $$\begin{array} { | l | r | r | } \hline \text { Cash } & 28,000 & \\\hline \text { Comrnon Stock } & & 25,000 \\\hline \text { PaidIn Capital, Common Stock } & & 3,000 \\\hline\end{array}$$
E) $$\begin{array} { | l | r | r | } \hline \text { Cash } & 28,000 & \\\hline \text { Retained Earnings } & & 2 8 , 0 0 0\\\hline\end{array}$$