On 1 January 20X5, AlbaCore Ltd. reported the following in shareholders' equity: $2,520,000 Preferred shares, no-par value; authorized, unlimited shares; issued, 90,000 shares Common shares, no-par value; authorized, unlimited shares; issued, 580,000 shares Contributed capital on retirement of preferred shares Retained earnings 8,120,000 26,000 3,400,000 The company acquired and retired shares in the following sequence during 20X5: 1. Retired 18,000 common shares at $18 per share. 2. Retired 9,000 common shares at $12 per share. 3. Retired 8,000 preferred shares at $33 per share. 4. Retired 6,500 preferred shares at $25 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.) View transaction list 2. Calculate the balances in each equity account, after the effects of the transactions in requirement 1. Preferred shares Common shares Contributed capital on retirement of preferred shares Contributed capital on retirement of common shares Retained earnings