On December 31, 2020, Rebel Corporation's balance sheet reported the following. Common stock, $1 par Paid-in capital-excess of par Retained earnings Treasury stock (10,000 shares at cost) $1,000,000 3,000,000 5,180,000 (300,000) During 2021, 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 effect this change. (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 1 Record the entry to reclassify treasury shares as retired shares. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal