Nicosia Corp.was organized on January 1, 2017, with 50,000 common shares authorized, par value $15, and immediately sold 10,000 shares for $20 each.Later, Nicosia bought back 1,000 of these shares at $23 each and cancelled them.The entry to record the purchase would be

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The Answer of Nicosia Corp.was organized on January 1, 2017, with 50,000 common shares authorized, par value $15, and immediately sold 10,000 shares for $20 each.Later, Nicosia bought back 1,000 of these shares at $23 each and cancelled them.The entry to record the purchase would be