Statement of Shareholders' Equity

At the end of 2017, Jeffco Inc. had the following equity accounts and balances:

Common shares, no par (175,000 shares issued and outstanding)	$1,926,400
Retained earnings	310,000

During 2018, Jeffco engaged in the following transactions involving its equity accounts:

1. Issued 8,000 common shares for $35 per share.
2. Issued 1,000 shares of 9%, $120 stated value preferred shares at $125 per share.
3. Declared and paid cash dividends of $15,000.
4. Repurchasedandcancelled500commonsharesfor$52pershare.

Required:

a) Record repurchase of common shares