On 1 January 20X5, AlbaCore Lt. reported the following in shareholders" equity:

Preferred shares, no-par value; authorized, unlimited shares; issued, 100,000 shares $2,500,000

Common shares, no-par value; authorized, unlimited shares; issued, 620,000 shares 4,960,000

Contributed capital on retirement of preferred shares 30,000

Retained earnings 3,850,000

The company acquired and retired shares in the following sequence during 20X5:

1. Retired 20,000 common shares at $12 per share.
2. Retired 30,000 common shares at $6 per share.
3. Retired 10,000 preferred shares at $30 per share.
4. Retired 5,000preferred shares at $22 per share.

Required:

1. Prepare journal entries for the shareretirement transactions.
2. Calculated the balances in each equity account, after the effects of the transactions in requirement 1.