Whippet Industries Corporation has the following partial balance sheet information available at November 30, 2019. Contributed Capital Shareholders' Equity Common shares, 440,000 shares authorized 160,000 shares issued and outstanding Retained earnings $ 960,000 800,000 Total shareholders' equity $ 1,760,000 If Whippet Industries repurchased 25,000 common shares on March 1, 2020, at a price of $9.75 per share, prepare the journal entry for the transaction. Prepare the journal entry for the transaction. (Record debits first, then credits. Exclude explanations from journal entries.) Date Mar. 1 Accounts Journal Entry Cash Common Shares Contributed Surplus-Share Repurchase Note Payable Retained Earnings Debit Credit