Program Map Student Services/Registration The equity section of NewWorld Inc.'s December 31, 2017 balance sheet showed the following: Share Capital Preferred Shares, $0.60, Cumulative, Issued and Outstanding - 40 Shares $ 400 Common Shares, Issued and Outstanding - 2,000 Shares 2,000 Total Contributed Capital 2,400 Retained Earnings 900 Total Equity $3,300 Feb. 15 Declared the regular $0.30 per share semi-annual dividend on its preferred shares and a $0.05 per share dividend on the common shares to holders of record March 5, payable April 1. Apr. 1 Paid the dividends declared on February 15, May 1 Declared a 10 per cent share dividend to common shareholders of record May 15 to be issued June 15, 2018. The market value of the common shares at May 1 was $2 per share. May 1 Declared a 10 per cent share dividend to common shareholders of record May 15 to be issued June 15, 2018. The market value of the common shares at May 1 was $2 per share. June 15 Distributed the dividends declared on May 1. Dec. 15 Declared a 10 per cent share dividend to common shareholders of record December 20 to be issued on December 27, 2018. The market value of the common shares at December 15 was $3 per share. Dec. 27 Distributed the dividends declared on December 15. Dec. 31 Net income for the year ended December 31, 2018 was $1,400. Required: Calculate the retained earnings for 2018 Journalize the 2018 transactions. Descriptive narrative is not needed Prepare the equity section of the December 31, 2018 balance sheet