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

Preferred shares, 7,200 shares outstanding, no-par	$	238,320
Common shares, 181,000 shares outstanding, no-par		539,380
Contributed capital on common share retirement		110,900
Retained earnings		554,500

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

15 March		25,100 common shares bought and retired at $4 per share
16 March		4,000 preferred shares bought and retired at $35.50 per share
20 May		9,100 common shares bought and retired at $1 per share
25 May		1,500 preferred shares bought and retired at $18.40 per share
30 May		10,700 common shares issued at $13.40 per share
15 Nov.		4,800 common shares bought and retired at $28 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.)