On December 31, 2017, Rebel Corporation's balance sheet reported the following.

Common stock, $1 par$1,000,000Paid-in capitalexcess of par3,700,000Retained earnings5,250,000Treasury stock (17,000 shares at cost)(510,000)

During 2018, Rebel decided to discontinue accounting for share buybacks as treasury shares. Instead, the shares will be treated as having been retired.

Required:

get ready 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.)