Ex 3 - Retained Earnings- The Net Income (Net Loss) that is not given back to the Stockholders (owners) as dividends. Fees Earned 850,000 Insurance Expense 15,000 Salary Expenses 180,000 Depreciation Expense 5,000 Rent Expense 50,000 Income Tax Expense 17,500 * * * * * * * Account Name Debit Credit b) What if the Articles also allows Preferred Stock to be issued and the corporation issues 10,000sh of $100 Par Value Preferred stock for $102/Share. c) What if the