Question 4 of 4 .../4 View Policies Current Attempt in Progress Blossom Corporation has an unlimited number of common shares authorized and 102,000 common shares issued. At December 31, 2021, Blossom had a balance in the Common Shares account of $255,000. On January 1, 2022, Blossom repurchased and retired 10,200 common shares at a price of $2.25 cash per share. (a) Your answer has been saved. See score details after the due date. 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 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 Common Shares 25500 Retained Earnings 2550 Cash 22950 (b) Prepare the journal entry for the repurchase of shares assuming instead a price of $2.75 was paid and a balance of $1,530 in the Contributed Surplus account. (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 Ofor the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 e Textbook and Media List of Accounts Save for Later Last saved 20 hours ago. Attempts: 0 of 1 used Submit Answer Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes