Canaan Corp. (CC) is a private corporation that elects to report its financial results in accordance with ASPE. On January 1, 2021, CC, a newly incorporated company, issued (sold) 10,000, $2 par value, common shares for $50 each. On January 1, 2022, CC paid $47,000 to repurchase 1,000 of its shares.

Required:
a. Prepare the journal entry to record the sale of the shares.
b. Prepare the journal entry to record the repurchase of the shares.