Corporation A has the following shareholders' equity on December 31, 2024:
Shareholders' equity
Share capital
$10 convertible preferred shares,
10000 shares authorized, 4600 shares issued
$573000
Common shares.
196000 shares authorized, 70000 shares issued
1750000
Total share capital
2323000
Retained earnings
454000
Total shareholders' equity
$2777000
If 9800 common shares were reacquired for $26 per share, the journal entry to record the transaction would
credit Retained Earnings for $9800
credit Common Shares for $254800
credit Contributed Surplus-Reacquisition of Shares for $9800
dedebit Common Shares for $245000