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

Preferred shares, no-par value; authorized, unlimited shares; issued, 80,000 shares	$	2,080,000
Common shares, no-par value; authorized, unlimited shares; issued, 560,000 shares		6,720,000
Contributed capital on retirement of preferred shares		22,000
Retained earnings		3,300,000

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

1. Retired 16,000 common shares at $16 per share.
2. Retired 8,000 common shares at $10 per share.
3. Retired 7,000 preferred shares at $31 per share.
4. Retired 5,500 preferred shares at $23 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.