2:02 LTE Done classroom.google.com t W Open with Google Docs Assignment Question 1 unlimited number of common ares. The company started the writhane Betained eaming of 534000. The table below show the tractions that during them of the med 3000 shares pershare is the promoters 52000 and under 10000 Paid 2250 to supplied 3000 medan 2000 common ABO Sept 10 sed 2000 preferred shares for a persone Board of Grector declared chided233 shareholders and the dividend for preseshores the dividend but commenter andere December 31 Show the continence sheet singhe Question 2 Page a + Dividendid on montres 2:02 LTE Done classroom.google.com AA . W Open with Google Docs Question 2 w Corporation provided the following information for 200 5120 Dividend paid on 5000 common shares Preferred Shares 55, 100000 author, 25000 shared and standing red preterred share vided to year 2018 Colore the standing on December 31, 2018 ingat + Page 2 1 2 Assignment Question 1 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 company's operations: Year 2017 Jan 2 Feb 15 Issued 8000 common shares at $3 per share Paid the promoters $ 3500 in cash Issued 9000 common shares in exchange for a equipment valued at $52000 and land valued at $50000 Paid $2250 to suppliers in kind (3000 preferred shares and 2000 commo shares) April 30 May 31 mon August 31 Sept 10 Dec 31 Issued 2000 preferred shares for cash $90 per share. Board of directors declared cash dividend of $ 2.25 to common shareholders and the dividend for preferred shares Paid the dividend both to common shareholder and preferred shareholders Closed the account with $52000 balance in the income summary To the Retained earnings December 31 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 $1.20 per share $160000 Dividend paid on 50,000 common shares Preferred Shares $5, 100000 authorized , 25000 shares issued and outstanding Net income Paid preferred share dividend for year 2018 $22300 Required Calculate the Retained Earning on December 31, 2018 using a T-Acount