Question 11 In late 2017, the Vedanta group was formed. The corporate charter authorizes the issuance of following shares: 5,000,000 shares of $2. preferred stock of par value $ 20. 6,000,000 shares of common stock of par value $7. . The following transactions took place during the year of 2018: 1,000,000 shares of preferred stock are issued at $20 per share, 3,000,000 shares of the common stock are issued at $10 per share. . During the year company earned a net income of $ 9,000,000 and decided to distribute $0.5 on common stock. . The retained earnings at the beginning of 2018 was $ 8,000,000 Required: Using the above information, prepare a. the Statement of Retained earnings for 31st December,2018 (10 marks) b. the Shareholders equity section as at 31st December, 2018 (15 marks) You should copy (Ctrl and paste (Ctrl-) the tables given below into the answer space. You can then fill in the table with the required information from your work. Statement of Retained Earnings MacBook Air