Happy Valley Corporation had the following information regarding their shareholders' equity accounts: $200,000 Common shares, 50,000 shares authorized, 20,000 shares issued and outstanding 132,000 Retained earnings On May 1, of the current year, the company repurchased and retired 4,000 common shares at $3 per share. Required: Prepare the journal entry to record the purchase and retirement of common shares. No explanations are required, but show all calculations below your journal entry