During 20X7, TD Ltd. repurchased 4,000 common shares and 2,000 preferred shares, respectively. Net income was $100,000 in 20X7, and dividends declared, $40,000. The comparative equity accounts for 20X6 and 20X7 are: Balances- December 31 Preferred Shares Common Shares Contributed capital-repurchase of preferred shares Contributed capital-repurchase of common shares Retained earnings Required: 1) What was the original issue price of the common shares? The preferreds? (show your calculations) 2) What amount was paid for the common shares repurchased? The preferreds? (show your calculations) 20X7 20X6 $ 460,000 $1,200,000 $1,400,000 $ 24,000 0 0 30,000 S 270,000 240,000