Estabrook Ltd., which has a December 31 year end, had the following shareholders’ equity account balances as at December 31, 2024:

Common shares (1,060,000 shares issued and 

  outstanding) ...................................................................................  $14,840,000
Retained earnings ............................................................................   $ 5,250,000
On January 22, 2025, Estabrook Ltd. repurchased and cancelled 180,000 common shares, paying $18.00 per share.

Required 

a. Provide the journal entry to record the share repurchase transaction. 

b. Provide the journal entry that would have been required if Estabrook had paid $11.00 per share when the shares were repurchased.