Danier Leather Inc. manufactures and retails leather products, carning international recognition as a leader in leather and suede design. The company's annual report for the fiscal year ended June 27, 2009, included the following (all amounts are in thousands):

(d) Normal course issuer bids On May 5, 2009, the Company received approval from the TSX to commence a normal course issuer bid (the "2009 NCIB"). The Company had a previous Normal Course Issuer Bid that expired on May 5, 2009 (the "2008 NCIB"). The 2009 NCIB permits the Company to acquire up to 267, 183 Subordinate Voting Shares, representing approximately 10% of the "public float" of the Subordinate Voting Shares, during the period from May 7, 2009 to May 6, 2010. Under the 2008 NCIB which expired on May 5, 2009, the Company repurchased 100,000 Subordinale Voling Shares for cancellation at a weighted average price per share of $4.60. Under the 2009 NCIB, as of June 27, 2009, the Company had repurchased 267,160 Subordinate Voting Shares for cancellation at a weighted average price per share of $4.24. The following Subordinate Voting Shares were repurchased for cancellation curing year ended June 27, 2009 and June 28, 2008: Number of shares repurchased Amount changed to share capital Amount charged to retained earrings representing the excess over the average paid-in value Total cash consideration Source: Danier Leather Annual Report 2009. June 27, 2009 367,160 $ 1,556 June 28, 2008 $ 169,000 715 37 950 $ 1,593 $ 1,665 Required: 1. What was the average price that the company paid to repurchase shares in fiscal year 2009? 2. Prepare the journal entry to record a summary of the 2009 repurchase transactions.