ABC Company has 100,000 shares of $1 par value common stock authorized and 80,000 shares issued. Its shareholder's equity includes the following: Common stock, 80,000 shares at $1 par $80,000 $140,000 Paid-in capital - excess of par Retained earnings $110,000 During the year, ABC Company engaged in the following transactions: January 2, 2021: June 20, 2021: Repurchased and retired 10,000 shares at a cost of $9 per share. Repurchased and retired 20,000 shares at a cost of $2.50 per share. Required: Prepare the entries that would be required on January 2, 2021 and June 20, 2021, assuming the company treats the repurchased shares as treasury shares.

ABC Company has 100,000 shares of $1 par value common stock authorized and 80,000 shares issued. Its shareholder's equity includes the following: Common stock, 80,000 shares at $1 par $80,000 $140,000 Paid-in capital - excess of par Retained earnings $110,000 During the year, ABC Company engaged in the following transactions: January 2, 2021: June 20, 2021: Repurchased and retired 10,000 shares at a cost of $9 per share. Repurchased and retired 20,000 shares at a cost of $2.50 per share. 2021 and June 20