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 (10 marks) a. the Statement of Retained earnings for 31st December 2018 b. the Shareholders' equity section as at 31st December, 2018 (15 marks) HIBA