Total shareholders' equity $1,959,993 $1,777,502 Net earnings for the year ended December 31, 2015, is $367,530. WestJet reported the following information in the notes to its 2015 financial statements: 1. During the year ended December 31, 2015, the Corporation purchased and cancelled a total of 4,719,690 shares (December 31, 2014 - 1,435,150) for total consideration of $123,813 (December 31, 2014 $39,431). The average book value of the shares repurchased was $4.73 per share (December 31, 2014-$4.70) and was charged to share capital. The excess of the market price over the average book value, including transaction costs, was $101,489 (December 31, 2014- $32,680) and was charged to retained earnings. Required: 1. Prepare the journal entry to record the share repurchase transaction. 2. Why do you think WestJet decided to repurchase the shares? Explain.