At the beginning of 20X1, the accounting records of Friends Corp. reported the following: Preferred shares, 8,000 shares outstanding, no-par Common shares, 181,900 shares outstanding, no-par Contributed capital on common share retirement Retained earnings $ 217,600 472,940 111,500 557,500 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.) View transaction list X 1 Record retirement of common shares at $4 per share. 2 Record retirement of preferred shares at $30.50 per share. 3 Record retirement of common shares at $1 per share. 4 Record retirement of preferred shares at $16.70 per share. Credit 5 Record issue of common shares. 6 Record retirement of common shares at $22 per share. Note : = journal entry has been entered Record entry Clear entry View general journal 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