On December $31,2023,$ Ruiz Corporation's balance sheet reported the following.

During $2024,$ Rulz decided to discontinue accounting for share buybacks as treasury shares. Instead, the shares will be treated as having been retired.

Required:

Prepare the appropriate journal entry to effect this change.

Note: If no entry is required for a transaction$/$event$,$ select $"$No Journal entry required" In the first account field.

Journal entry worksheet

Record the entry to reclassify treasury shares as retired shares.

Note: Enter debits before credits.