Knowledge Check 01 As of the end of Year 1, the shareholders' equity of Philip Corporation consisted of Common stock, 80,100 shares at $1 par Paid-in capital-excess of par Retained earnings $ 80, 100 168,210 121,000 At the beginning of Year 2, the company repurchased and retired 1,100 shares at $8.10 per share. Prepare the appropriate journal entry for the repurchase and retirement of the shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record entry for the repurchase and retirement of the shares. Note: Enter debits before credits. General Journal Debit Credit Event 01 Record entry Clear entry View general journal