Cambridge Corp. has a single class of shares. As at its year ended December 31, 2021, the company had 2,500,000 shares issued and outstanding. On the stock exchange, these shares were trading at around $10 per share. In the company’s accounts, these shares had a value of $30,000,000. The equity accounts also show $450,000 of contributed surplus from previous repurchases of shares.
On January 15, 2022, Cambridge repurchased and cancelled 100,000 shares at a cost of $10 per share. Later in the year, on August 20, the company repurchased and cancelled a further 300,000 shares at a cost of $15 per share.

Required:

Assume that Cambridge follows the guidance in ASPE pertaining to accounting for equity transactions. Record the journal entries for the two share transactions in 2022.