Share Retirement: At the beginning of 20X1, the accounting records of Farhad Corporation reported the following:

Preferred shares, 3,000 shares outstanding, no-par $75,000

Common shares, 90,000 shares outstanding, no par 184,500

Contribute capital on common share retirement 55,000

Retained earnings 275,000

During the year, the company acquired and retired shares, while other shares were issued:

15 march 12,000 common shares bought and retired at $6 per share

16 march 1,500 preferred shares bought and retired at $27 per share

20 may 4,000 common shares bought and retired at $1 per share

25 may 300 preferred shares bought and retired at $24 per share

30 may 5,000 common shares issued at $12.32 per share

15 nov 2,000 common shares bought and retired at $14 per share

Required:

1.Give journal entries to record each share retirement transaction.

2.Calculate the closing balance in each account in shareholders? equity

Share Retirement: At the beginning of 20X1, the accounting records of Farhad Corporation reported the following: Preferred shares, 3,000 shares outstanding, no-par Common shares, 90,000 shares outstanding, no par Contribute capital on common share retirement Retained earnings $75,000 184,500 55,000 275,000 During the year, the company acquired and retired shares, while other shares were issued: 15 march 16 march 20 may 25 may 30 may 15 nov 12,000 common shares bought and retired at $6 per share 1,500 preferred shares bought and retired at $27 per share 4,000 common shares bought and retired at $1 per share 300 preferred shares bought and retired at $24 per share 5,000 common shares issued at $12.32 per share 2,000 common shares bought and retired at $14 per share Required: 1. Give journal entries to record each share retirement transaction. 2. Calculate the closing balance in each account in shareholders' equity