At the beginning of 20X1, the accounting records of Friends Corp. reported the following:

Preferred shares, 6,000 shares outstanding, no-par	$	196,800
Common shares, 180,000 shares outstanding, no-par		369,000
Contributed capital on common share retirement		110,000
Retained earnings		550,000

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

15 March		24,000 common shares bought and retired at $6 per share
16 March		3,000 preferred shares bought and retired at $36.40 per share
20 May		8,000 common shares bought and retired at $1 per share
25 May		600 preferred shares bought and retired at $24.00 per share
30 May		10,000 common shares issued at $12.32 per share
15 Nov.		4,000 common shares bought and retired at $25 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.)

Journal entry worksheet Record retirement of common shares at $6 per share. Note: Enter debits before credits. Date General Journal Debit Credit 15 March Record entry Clear entry View general journal Preferred shares Common shares Contributed capital on share retirement: Common Preferred Retained earnings