Question $2$ of $15$

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Oriole Corporation has an unlimited number of common shares authorized and $110,000$ common shares issued. At December $31,2024,$ Oriole had a balance in the Common Shares account of $$275,000.$ On January $1,2025,$ Oriole repurchased and retired $11,000$ common shares at a price of $$2\mathrm{.}25$ cash per share.

$($a$)$

Prepare the journal entry for the repurchase of shares. $($List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No entry" for the account titles and enter $O$ for the amounts.$)$

Date Account Titles and Explanation

Debit

Credit

Jan. $1$