Question 2 Retained Earning Question ABC Corporation provided the following information on Dec 31, 2018 Retained Earning at Dec 31 2017 [ Beginning $165,700 balance) Common shares unlimited authorized; 150,000 common shares issued and outstanding $750,000 Preferred Shares ,$2, unlimited authorized, 20000 $260,000 issued and outstanding Sales less COGS $83,300 Operating expenses $13,300 Common shares Dividend $0.25 Preferred share dividend is also paid during the year Required 1. Calculate the net income 2. Calculate the dividend for common shares and preferred shares 3. Calculate the balance of Retained Earning on December 31, 2018 using a T-Account