Small Business owned by one owner.

100 shares issued to partner at $10 per shares. Accounting entry was.
dr. cash $1000
Cr common shares 100
Cr additional paid in capital $900

What would be accounting entry when we purchase back 100 shares at $15? Would the entry at the bottom be correct or it needs changes?
Cr. Cash $1500
Dr. common shares 100
Dr. additional paid in capital $1400 (this entry would bring capital account to Dr 500 would it be OK)
Thanks

Is this reacquired stock going to be held as treasury stock or is it going to be retired, this will make a difference.

Is this reacquired stock going to be held as treasury stock or is it going to be retired, this will make a difference.

How would the entries differ if stock is held as a treasury stock or if it is retired? What are the advantages or disadvantages of each.

Thanks