Ill i. Issued additional shares of stock for cash, note, SIB3 S175,000. Uh $93,500, 6 Paid cash for prepaid expenses, s15,000. The comparative financial statements of Triad are follows. The market price of Triad Images Inc. common images Inc. as stock was $55 on December 31, 2008 Triad Images Comparative Retained Earnings statement For the Years Ended December 31, 2008 and 2007 Dec. 31, 2007 Dec. 31, 2008 Retained earnings, January 1 781,500 Add net income for year $1,006,500 277,500 430,000 Total S1,059,000 1,436,500 Deduct dividends: on preferred stock 12.500 S 12,500 on common stock 40,000 40,000 Total 52,500 52,500 Retained earnings, December 31 $1,006,500 $1,384,000 (continued)