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At the beginning of 20X1, the accounting records of Friends Corp. reported the following: Preferred shares, 8,000 shares outstanding, no-par $ 217, 600 Common shares,

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At the beginning of 20X1, the accounting records of Friends Corp. reported the following: Preferred shares, 8,000 shares outstanding, no-par $ 217, 600 Common shares, 181,900 shares outstanding, no-par 472,940 Contributed capital on common share retirement 111, 500 Retained earnings 557 ,500 During the year, the company acquired and retired shares, while other shares were issued: 15 March 25,700 common shares bought and retired at $4 per share 16 March 4,700 preferred shares bought and retired at $30.50 per share 20 May 10,000 common shares bought and retired at $1 per share 25 May 2,400 preferred shares bought and retired at $16.70 per share 30 May 11,500 common shares issued at $8.70 per share 15 Nov. 5,500 common shares bought and retired at $22 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.)15 March Common shares 0 66,020 a Contributed capital on common share retirement 0 35,980 a Cash 9 102,300 a 13 March Preferred shares a 127,340 a Contributed capital on preferred share retirement 0 15,510 a Cash 0 143,350 9 20 May Common shares a 26,000 a Cash 9 10,000 a Contributed capital on common share retirement Q 10,000 a 25 May Preferred shares a 35,230 0 Cash 0 40,030 a Contributed capital on preferred share retirement 0 25,200 a 30 May Cash 0 100,050 a Common shares a 100,050 a 6 15 November Common shares 16,747 X Contributed capital on common share retirement 91,520 Retained earnings 12,733 X Cash 121,000 V2. 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.) 6 Answer is complete but not entirely correct. Preferred shares $ 24,430 a Common shares 463.423 6 Contributed capital on share retirement: Common 9,693 a Preferred 544,767 a Retained earnings 1,042,363 6

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