Brief Exercise 15-7 Flounder Inc. has 52,000 common shares outstanding. The shares have an average cost of $22 per share. On July 1, 2020, Flounder reacquired 720 shares at $50 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 Flounder prepares financial statements in accordance with ASPE. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1