Share Retirement-Analysis: During 20X5, Veech Corporation had several changes in shareholders' equity. The comparative equity accounts for \(20 \mathrm{X} 4\) and 20X5:

In 20X5, the only transactions affecting common and preferred share accounts were the retirement of 2,000 common shares and 1,000 preferred shares, respectively. Earnings was \(\$ 50,000\) in \(20 \times 5\), and dividends declared, \(\$ 20,000\).
Required:
1. What was the original issue price of the common shares? The preferred?
2. What amount was paid for the common shares retired? The preferred? 

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Balances 31 December Common shares Preferred shares Contributed capital, retirement of preferred shares Retained earnings 20X5 20X4 $600,000 $700,000 180,000 230,000 27,000 0 135,000 120,000