Problem
Cal cookies company (CCC) has 100 million shares of $1 par common stock authorized. The transactions below caused changed in CCC's outstanding shares
January 4, 2021 : Repurchased and retired 2.70 million shares at $7,30 per share.
June 25, 2021: repurchased and retired 3,70 million shares at $ 1.80 per share
prior to the transactions,CCC's Shareholders equity include the following
common Stock, 79.30 million shares at $1 par $79,300,000
Paid in capita in excess of par $ 142,740,000
retained earnnings $ 113,000,000
Task
Prepare the Journal entries to record the repurchase and retirement of shares.