Ivanhoe Corporation has an unlimited number of common shares authorized and 86,000 common shares issued. At December 31, 2021, Ivanhoe had a balance in the Common Shares account of $215,000. On January 1, 2022, Ivanhoe repurchased and retired 8,600 common shares at a price of $2.25 cash per share.

Prepare the journal entry for the repurchase of shares assuming instead a price of $2.75 was paid and a balance of $1,290 in the Contributed Surplus account. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Jan. 1