GHI Co. has issued common shares with an average price of $20. They have 2,000,000 outstanding shares. Their shareholder's equity includes an account called Contributed Surplus, requisition of common shares with a balance of $80,000.

They repurchase common 80,000 common shares for $24 each. For how much money should they debit Retained Earnings?

Key in your answer with no $ sign, commas, or decimal. For example, if your answer is $1,245,000 then key in 1245000V