At the beginning of 20X1, the accounting records of Friends Corp. reported the following: Preferred shares, 8,888 shares outstanding, nospar $ 217,688 Common shares, 181,988 shares outstanding, no-par 472,948 Contributed capital on common share retirement 111,588 Retained earnings 557,588 During the year, the company acquired and retired shares, while other shares were issued: 15 March 25,788 common shares bought and retired at $4 per share 16 March 4,788 preferred shares bought and retired at $38.58 per share 28 May 18,888 common shares bought and retired at $1 per share 25 May 2,488 preferred shares bought and retired at $16.78 per share 38 May 11,588 common shares issued at $8.78 per share 15 Nov. 5,588 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 nal 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.) View transacon list X R 1 Record retirement of common shares at $4 per share. ' > 2 Record retirement of preferred shares at $30.50 per i share. 3 Record retirement of common shares at $1 per share. i 4 Record retirement of preferred shares at $16.70 per ' share. 5 Record issue of common shares. ' 6 Record retirement of common shares at $22 per share. ' Note : . = journal entry has been entered 2. Calculate the closing balance in each account in shareholders\" equity. [Round intermediate calculations to 2 decimal places. Round your nal answers to the nearest whole dollar.) Preferred shares Common shares Contributed capital on share retirement Common Preferred Retained earnings