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

Preferred shares, no-par value; authorized, unlimited shares; issued, 105,000 shares	$	3,150,000
Common shares, no-par value; authorized, unlimited shares; issued, 600,000 shares		9,600,000
Contributed capital on retirement of preferred shares		32,000
Retained earnings		3,500,000

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

1. Retired 20,000 common shares at $20 per share.
2. Retired 10,000 common shares at $14 per share.
3. Retired 9,000 preferred shares at $35 per share.
4. Retired 7,500 preferred shares at $27 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.)

2. Calculate the balances in each equity account, after the effects of the transactions in requirement 1.