Question 2 ABC Corporation provided the following information on Dec 31, 2018 Retained Earning at Dec 31 2017 $165,700 Common shares unlimited authorized; 150,000 common shares issued and outstanding $650,000 $360,000 Preferred Shares $5, 200,000 authorized , 25000 issued and outstanding Sales less COGS = gross profit $93,300 Operating expenses $23,300 Common shares Dividend $0.35 Preferred share dividend is also paid during the year Required 1. Calculate the Retained Earning on December 31, 2018 using a T-Account 2. Give an extract of the equity portion of the Balance sheet for Dec 31, 2018