At the beginning of 20X1, the accounting records of FriendsCorp. reported the following:
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| Preferred shares, 6,800 shares outstanding,no-par | $ | 226,440 |
| Common shares, 181,000 shares outstanding,no-par | | 530,330 |
| Contributed capital on common share retirement | | 110,900 |
| Retained earnings | | 554,500 |
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During the year, the company acquired and retired shares, whileother shares were issued:
| 15 March | 24,800 common shares bought and retired at $5 per share |
| 16 March | 4,000 preferred shares bought and retired at $36.20 pershare |
| 20 May | 8,800 common shares bought and retired at $1 per share |
| 25 May | 1,500 preferred shares bought and retired at $21.70 pershare |
| 30 May | 10,700 common shares issued at $13.70 per share |
| 15 Nov. | 4,900 common shares bought and retired at $28 per share |
2. Calculate the closing balance in each account in shareholders’equity. (Round intermediate calculations to 2 decimalplaces. Round your final answers to the nearest wholedollar.)
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| | | Preferred shares | | | Common shares | | | Contributed capital on shareretirement: | | | Common | | | Preferred | | | Retained earnings | |
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