Share Retirement-Entries and Account Balances: The accounting records of Farhad Corporation showed that the company acquired and retired shares as following during the year:

\begin{array}{ll}
5 \text { January } & 2,000 \text { common shares at } \$ 10 \text { per share } \\
6 \text { January } & 1,500 \text { preferred shares at } \$ 25 \text { per share } \\
20 \text { February } & 2,000 \text { common shares at } \$ 13 \text { per share } \\
\text { 20 February } & 300 \text { preferred shares at } \$ 10 \text { per share } \\
15 \text { March } & 3,000 \text { common shares at } \$ 1.4 \text { per share }
\end{array}

Required:

1. Give journal entries to record each share retirement transaction.

2. Calculate the closing balance in each account in shareholders' equity.