At the beginning of $20$X$1,$ the accounting records of Friends Corp. reported the following:

Preferred shares, $6,200$ shares outstanding, no$-$par $ $188,480$

Common shares, $180,200$ shares outstanding, no$-$par $423,470$

Contributed capital on common share retirement $110,200$

Retained earnings $551,000$

During the year, the company acquired and retired shares, while other shares were issued:

$15$ March $24,100$ common shares bought and retired at $$6$ per share

$16$ March $3,200$ preferred shares bought and retired at $$33\mathrm{.}10$ per share

$20$ May $8,100$ common shares bought and retired at $$1$ per share

$25$ May $800$ preferred shares bought and retired at $$18\mathrm{.}60$ per share

$30$ May $10,200$ common shares issued at $$12\mathrm{.}60$ per share

$15$ Nov. $4,200$ common shares bought and retired at $$24$ per share

Required:

$1.$ Give journal entries to record each share retirement transaction. $($Round intermediate calculations to $2$ decimal places and Round your final answers to the nearest whole dollar. If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

$2.$ Calculate the closing balance in each account in shareholders$$ equity. $($Round intermediate calculations to $2$ decimal places. Round your final answers to the nearest whole dollar.$)$