ABC Corporation provided the following information on Dec 31, 2018

Retained Earning at Dec 31 2017	$165,700
Common shares unlimited authorized; 150,000 common shares issued and outstanding	$750,000
Preferred Shares ,$2, 200,000 authorized , 20000 issued and outstanding	$260,000
Sales less COGS	$83,300
Operating expenses	$13,300
Common shares Dividend	$0.25
Preferred share dividend is also paid during the year

Required

1. Calculate the Retained Earning on December 31, 2018 using a T-Account
2. Give an extract of the equity portion of the Balance sheet for Dec 31, 2018

Remember that preferred dividend = % x par value