Whippet Industries corporation has the following [artial balance sheet information available at Nov 30, 2019

Shareholders' equity

contributed Capital
common shares 400,000 shares authorized
150,000 shares issued and outstanding	$900,000
Retained earnings	680,000
total shareholders' equity	1,580,000

If Whippet industries repurchased 10,000 common shares on March 1, 2020, at a price of $3.50 per share, prepare the journal entry for the transaction