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Common shares, 600,000 authorized, 60,000 shares issued	$500,000
Contributed surplus (from a 2010 retirement of common shares	11,000
Retained earnings	$1,500,000

Equity as of December 31, 2020

The following transactions related to the company's shares took place during 2021

September 14th, 2021 Purchased and retired shares 5000 at $12 per share

December 5th, 2021 Purchased and retired shares 2000 at $14 per share

Prepare the journal entries for the above transactions. and

Re-create the equity but with updated figures to reflect the amounts to be reported on December 31, 2021, assuming that they reported net income in 2021 of $65,000