A3 Share Retirement-Entries and Account Balances: The accounting records of Farhad Corporation showed that the company acquired an retired shares as following during the year: 5 January 2,000 common shares at $10 per share 6 January 1,500 preferred shares at $25 per share 20 2,000 common shares at $13 per share February 20 300 preferred shares at $10 per share February 15 March 3,000 common shares at $14 per share Before these transactions, the following balances were reported: Preferred shares, 3,000 shares outstanding, no-par $ 72,000 Common shares, 20,000 shares outstanding, no-par 235,000 Retained earnings 75,000 Required: 1. Give journal entries to record each share retirement transaction. 2. Calculate the closing balance in each account in shareholders' equity