Bruce Corporation has the following shareholders' equity on December 31, 2021: Shareholders' equity Share capital

$10 convertible preferred shares,

10,000 shares authorized, 5,000 shares issued

$570,000

Common shares,

200,000 shares authorized, 90,000 shares issued

1,800,000

Total share capital

2,370,000

Retained earnings

450,000

Total shareholders' equity

$2,820,000

If 10,000 common shares were reacquired for $17 per share, the journal entry to record the transaction would

		debit Common Shares for $170,000.
		credit Common Shares for $170,000.
		debit Retained Earnings for $30,000.
		credit Contributed Surplus for $30,000.