Westside Corp. issued 2,000,000 common shares at $9 a share during April, Year 1. On September 23, Year 7, Westside Corp. repurchased 100,000 shares for $13 a share. On September 23, Year 7, the Contributed Surplus account had a 78,000 credit balance arising from a previous share repurchase. Westside Corp. is incorporated under the CBCA and, therefore, retired these shares.

Required

Prepare a journal entry to record the repurchase of the shares.