Zebra Inc. had the following information in the equity section of the company's Balance Sheet on January 1, 2020: Contributed Capital: Common Shares, 200,000 authorized, 100,000 issued and outstanding Contributed Capital from Retirement of Shares Total Contributed Capital Retained Earnings Total Shareholders' Equity $500,000 3,000 $503,000 184,500 $687.500 On April 1, 2020, Zebra Inc. repurchased and retired 5,500 common shares, paying cash of $7 per share. REQUIRED: Prepare the journal entry for the repurchase of the shares by Zebra Inc