Question 4 COVINGTON Corporation has an unlimited number of common shares authorized and 100,000 common shares issued. At December 31, 2017, COVINGTON had a balance in the Common Shares account of $300,000. On January 1, 2018 COVINGTON reacquired and retired 9,500 common shares at a price of $2.70 cash per share. Prepare the journal entry for the reacquisition of shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry Required" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 Prepare the journal entry for the reacquisition of shares assuming instead a price of $3.20 was paid and a balance of $1,600 in the Contributed Surplus account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry Required for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1