1.) Determine the Number of outstanding common shares on December 31, 2019.

2.) Determine the balance of retained earnings on December 31, 2019

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QUESTION THREE (10 points, 18 minutes) The December 31, 2017 balance sheet of Randy Inc. included the following in Shareholders' Equity: Common shares, 80,000 shares issued and outstanding $1,000,000 Preferred shares, cumulative, $4, 6,000 shares issued and outstanding 600,000 Retained earnings 1,500,000 Contributed surplus - Common share repurchases 49,500 Randy Inc. engaged in the following transactions during 2018: January 1: Issued 20,000 common shares in exchange for $800,000 cash. May 30: Declared cash dividends on common shares totaling $72,000. July 20: Paid the cash dividends declared on May 30. September 15: Declared and distributed a 2% stock dividend. Randy's common shares were trading at $50 per share on that date. December 1: Paid $850,000 to repurchase and cancel 18,000 common shares that had a total average issue cost of $335,500. Other information is presented below: a. 2018 net income totaled $2,650,000. b. Randy Inc. did not pay any dividends in 2017