Higgins Inc. has 52,000 common shares outstanding. The shares have an average cost of $21 per share. On July 1, 2020, Higgins reacquired 800 shares at $56 per share and retired them. Assume no contributed surplus balances exist from previous share repurchases. 

(a) Prepare the journal entry to record this transaction if Higgins prepares financial statements in accordance with ASPE. 

(b) Discuss how the answer to part (a) might be different if Higgins prepared financial statements in accordance with IFRS.