Information taken from Nanotec Security Inc.s January 31, 2020, balance sheet follows:

Common shares, 400,000 shares authorized, 32,000 shares issued and outstanding	$	240,000
Retained earnings		79,850

On February 1, 2020, the company repurchased and retired 500 common shares (the first retirement the company has recorded). Required: Prepare General Journal entries to record the repurchase and retirement under each of the following independent assumptions. The shares were repurchased for:

1. $5.00 per share
2. $7.50 per share
3. $10.00 per share