ABC Corporation provided the following information on Dec 31, 2018

Retained Earning on Dec 31, 2017 [deficit]	$15700
Dividend paid on 124000 common shares	$0.25 per share
Preferred Shares,$3, 10000 authorized, 4000 issued and outstanding Paid dividend for the year 2018	$60000
Net income	$53,300
Common shares: unlimited authorized; 124000 shares issued and outstanding	$900,000
A preferred share dividend is paid during the year

Required

1. Calculate the Retained Earning on December 31, 2018, using a T-account And Give an extract of the equity portion of the Balance sheet for Dec 31, 2018

Answer rating: 100% (QA)

1 Retained Earnings Amount Balance Jan12018 15700 Net Income 53300 Com... View the full answer