ABC Corporation provided the following information on Dec 31, 2018 Retained Earning at Dec 31 2017 [deficit] $15700 Dividend paid on 124000 common shares $0.25 per share Preferred Shares ,$3, 10000 authorized , 4000 issued and outstanding Paid dividend for year 2018 $60000

Net income $53,300 Common shares: unlimited authorized; 124000 shares issued and outstanding $900,000

Preferred share dividend is paid during the year

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