Winifred Inc., which has a December 31 year end, had the following shareholders’ equity account balances as at December 31, 2024: 

Common shares (1,350,000 shares issued 

   and outstanding) ..............................................  $27,000,000

Retained earnings .....................................             $ 5,250,000
On February 18, 2025, Winifred Inc. repurchased and cancelled 310,000 common shares, paying $22.20 per share.

Required

a. Provide the journal entry to record the share repurchase transaction. 

b. Provide the journal entry that would have been required if Winifred had paid $16.75 per share when the shares were repurchased.