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

Preferred shares, no-par value; authorized, unlimited shares; issued, 50,000 shares	$	1,000,000
Common shares, no-par value; authorized, unlimited shares; issued, 500,000 shares		3,000,000
Contributed capital on retirement of preferred shares		10,000
Retained earnings		3,000,000

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

Retired 10,000 common shares at $10 per share.

Retired 5,000 common shares at $4 per share.

Retired 4,000 preferred shares at $25 per share.

Retired 2,500 preferred shares at $17 per share.

Required: 1. Prepare journal entries for the share retirement transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)