As of the end of Year 1, the shareholders’ equity of Philip Corporation consisted of:
 

Common stock, 80,100 shares at $1 par	$	80,100
Paid-in capital—excess of par		168,210
Retained earnings		121,000

 

At the beginning of Year 2, the company repurchased and retired 1,100 shares at $8.10 per share. Prepare the appropriate journal entry for the repurchase and retirement of the shares.