On September 1, 2010, Valdez Company reacquired 12,000 shares of its $10 par value common stock for $15 per share. Valdez uses the cost method to…

On September 1, 2010, Valdez Company reacquired 12,000 shares of its $10 par value common stock for $15 per share. Valdez uses the cost method to account for treasury stock. The journal entry to record the reacquisition of the stock should debit