Whippet Industries Corporation has the following partial balance sheet information available at November 30, 2019. Contributed Capital Shareholders' Equity Common shares, 420,000 shares authorized 155,000 shares issued and outstanding Retained earnings Total shareholders' equity $ 775,000 300,000 $ 1,075,000 If Whippet Industries repurchased 30,000 common shares on March 1, 2020, at a price of $8.25 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 Accounts Mar. 1 Journal Entry Debit Credit