Assume that ABC Corp is created on 1/1/23. Their corporate charter authorizes them to issue 5,000,000 shares of $1 stated value common stock and 400,000 shares of $50 par, 5% preferred stock. Record the following transactions: 1. Issue 300,000 shares of common stock for $18 per share, cash. 2. Issue 10,000 shares of preferred stock for $56 per share, cash. 3. Issue 1,000 shares of common stock in settlement of an attorney's bill for $20,000. 4. Repurchased 2,000 shares of common stock for $21 per share, cash. 5. Re-issued 500 shares of treasury stock for $23 per share, cash. 6. Assume that ABC reported earnings for the year of $100,000. Prepare a statement of retained earnings. 7. Prepare the owners' equity section of the balance sheet