White Peach Inc. had the following information regarding their shareholders' equity accounts: Common shares, 50,000 shares authorized, 25,000 shares issued and outstanding $225,000 Retained earnings 425,000 On May 1, of the current year, the company repurchased and retired 1,250 common shares at $10 per share. This is the companies first retirement Required: Prepare the journal entry to record the purchase and retirement of common shares. No explanations are required, but show all calculations below your journal entry