Use information provided below to answer the questions that follow Lee Corporation is authorized by its article to issue 100000 shares of $5 preferred shares and an unlimited number of common shares. The company started the year with a balance of Retained earning of $74,000. The table below shows the transactions that occurred during the year of the companys operations: Year 2017 Jan 2 Issued 8000 common shares at $3 per share Feb 15 Paid the promoters $ 3500 in cash April 30 Issued 9000 common shares in exchange for a equipment valued at $52000 and land valued at $50000 May 31 Paid $2250 to suppliers in kind [3000 preferred shares and 2000 common shares] August 31 Issued 2000 preferred shares for cash $90 per share. Sept 10 Board of directors declared cash dividend of $ 2.25 to common shareholders and the dividend for preferred shares Dec 31 Paid the dividend both to common shareholder and preferred shareholders December 31 Closed the account with $52000 balance in the income summary To the Retained earnings REQUIRED (A) Journalize the transactions (B) Make a statement of Retained earnings (C) Show the equity section of the balance sheet using the proper Question 2 XYZ Corporation provided the following information for 2018. the company closed last year statement of Earnings with $32000 Dividend paid on 50,000 common shares $1.20 per share Preferred Shares ,$5, 100000 authorized , 25000 shares issued and outstanding $160000 Net income $22300 Paid preferred share dividend for year 2018 Required Calculate the Retained Earning on December 31, 2018 using a T-Acount