ElectriCar Corp. said it will repurchase $2.6 billion of its shares to reduce dilution from recent stock grants to executives. The par amount per share for ElectriCar's common stock is $0.01. Paid-in capital-excess of par is $6.19 per share on average. The market price was $20.0. Required: Suppose ElectriCar Corp. reacquires 120.00 million shares through repurchase on the open market at $20.00 per share. Prepare the appropriate journal entry to record the purchase.