Galba Corp.'s shareholders' equity at January 1, 2020 was:

Common shares, no par value; authorized 200,000 shares;
outstanding 75,000 shares			$1,050,000
Retained earnings			730,000
Total			$1,780,000

During 2020, Galba had the following share transactions:

	Acquired 2,000 treasury shares for $30,000
	Sold 1,200 treasury shares at $19 a share
	Retired the remaining treasury shares

No other share transactions occurred during 2020. Instead, assume Galba cancelled the 2,000 shares when it acquired them for $30,000.

The journal entry to record the retirement would be:

Dr. Treasury Shares, $30,000; Cr. Cash, $30,000.

Dr. Common Shares, $28,000; Dr. Contributed Surplus, $2,000; Cr. Cash, $30,000.

Dr. Common Shares, $28,000; Dr. Retained Earnings, $2,000; Cr. Cash, $30,000.

Dr. Common Shares, $30,000; Cr. Cash, $30,000.