TR14-3 Share Retirement (LO 14-3) On 1 January 20X5, AlbaCore Ltd. reported the following in shareholders' equity: Preferred shares, no-par value; authorized, unlimited shares; issued, 85,000 shares $2,295,000 Common shares, no-par value; authorized, unlimited shares; 570, 000 shares issued, 7,410,000 Contributed capital on retirement of preferred shares Retained earnings 24,000 3,350,000 The company acquired and retired shares in the following sequence during 20X5: 1. Retired 17,000 common shares at $17 per share. 2. Retired 8,500 common shares at $11 per share. 3. Retired 7,500 preferred shares at $32 per share. 4. Retired 6,000 preferred shares at $24 per share.