Toronto Corp. has a single class of shares. As its year ended December 31, 2020, the company had 5,000,000 shares issued and outstanding. On the stock exchange, these shares were trading at around $44. In the company's accounts, these shares had a value of $250,000,000. The equity accounts also show $650,000 of contributed surplus from previous repurchases of shares. On January 15, 2021, Toronto repurchased and canceled 250,000 shares at a cost of $45 per share. Later in the year, on August 20, the company repurchased and canceled a further 475,000 shares at a cost of $62 per share. Required: Record the journal entries for the two share transactions in 2021