As of the end of Year 1, the shareholders’ equity of Philip Corporation consisted of:
| Common stock, 80,100 shares at $1 par | $ | 80,100 | |
| Paid-in capital—excess of par | 168,210 | ||
| Retained earnings | 121,000 | ||
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At the beginning of Year 2, the company repurchased and retired 1,100 shares at $8.10 per share. Prepare the appropriate journal entry for the repurchase and retirement of the shares.
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