Common stock, 80,100 shares at $1 par$80,100

Paid-in capitalexcess of par168,210

Retained earnings121,000

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.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)