On December 31, 2015, Rebel Corporation's balance sheet reported the following.

Common stock, $1 par	$	1,000,000
Paid-in capitalexcess of par		5,000,000
Retained earnings		5,380,000
Treasury stock (30,000 shares at cost)		(900,000	)

During 2016, Rebel decided to discontinue accounting for share buybacks as treasury shares. Instead, the shares will be treated as having been retired.

Required:

Prepare the appropriate journal entry to reclassify treasury shares as retired shares. (Do not round your per share amounts. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)