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

Preferred shares, no-par value; authorized, unlimited shares; issued, 145,000 shares	$	5,510,000
Common shares, no-par value; authorized, unlimited shares; issued, 690,000 shares		16,560,000
Contributed capital on retirement of preferred shares		48,000
Retained earnings		3,950,000

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

1. Retired 28,000 common shares at $28 per share.
2. Retired 14,000 common shares at $22 per share.
3. Retired 13,000 preferred shares at $43 per share.
4. Retired 11,500 preferred shares at $35 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.)

• Record retirement of common shares at $28 per share
• Record retirement of common shares at $22 per share
• Record retirement of preferred shares at $43 per share
• Record retirement of preferred shares at $35 per share.

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