Question 2 ABC Corporation provided the following information on Dec 31, 2018 $15700 Retained Earning at Dec 31 2017 [deficit] Dividend paid on 124000 common shares $0.25 per share $60000 Preferred Shares, $3, 10000 authorized , 4000 issued and outstanding Paid dividend for year 2018 Net income $53,300 $900,000 Common shares: unlimited authorized; 124000 shares issued and outstanding Preferred share dividend is paid during the year Required 1. Calculate the Retained Earning on December 31, 2018 using a T-Acount 2. Give an extract of the equity portion of the Balance sheet for Dec 31, 2018