Common shares, unlimited shares authorized, 170,000 shares issued and outstanding Retained earnings 510,000 535,000 Total shareholders' equity 1,045,000 Northern Ltd. had the following shareholders' equity on March 26, 2020: (Click the icon to view the data.) On May 3, 2020, the company repurchased and cancelled 8,500 common shares at $5.00 per share. Required 1. Journalize the May 3 transaction. 2. Prepare the shareholders' equity section of the balance sheet at May 31, 2020. 3. How many common shares are outstanding after the share repurchase? required.) Journal Entry Accounts Date Debit Credit May 3 | Common Shares