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	$	80,100
Paid-in capitalexcess of par		168,210
Retained earnings		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.)