At the beginning of 20X1, the accounting records of Friends Corp. reported the following: Preferred shares, 6,800 shares outstanding, no-par Common shares, 181,000 shares outstanding, no-par Contributed capital on common share retirement Retained earnings $ 226,440 530,330 119,900 554,500 During the year, the company acquired and retired shares, while other shares were issued: 15 March 24,800 common shares bought and retired at $5 per share 16 March 4,000 preferred shares bought and retired at $36.20 per share 20 May 8,800 common shares bought and retired at $1 per share 25 May 1,500 preferred shares bought and retired at $21.70 per share 30 May 10,700 common shares issued at $13.70 per share 15 Nov. 4,900 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.) the first account field.) whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in View transaction list 1 Record retirement of common shares at $5 per share. > 2 Record retirement of preferred shares at $36.20 per share. 3 Record retirement of common shares at $1 per share. 4 Record retirement of preferred shares at $21.70 per share. Credit 5 Record issue of common shares. 6 Record retirement of common shares at $28 per share. 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.) Preferred shares Common shares Contributed capital on share retirement Common Preferred Retained earnings