The equity section from the December 31, 2020 balance sheet of Kentucky Corporation appeared as follows:

The following transactions occurred during 2021 (assume the retirements were the first ever recorded by Kentucky):

Required

1. How many shares were outstanding on each of the cash dividend dates?

2. How much profit did the company earn during 2021?

3. Prepare the statement of changes in equity for the year ended December 31, 2021.

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2021 2020 Contributed capital: Common shares, 50,000 shares authorized; 23,160 and 21,100 shares issued and outstanding, respectively. Retained earnings. $509,520 563,000 $422,000 451,000 A $1.40 per share cash dividend was declared, and the date of record was five days later. 1,800 common shares were repurchased and retired at $20.00 per share. A $0.70 per share cash dividend was declared, and the date of record was five days later. 5 A $2.10 per share cash dividend was declared, and the date of record was five days later. A 20% share dividend was declared when the market value was $32.00 per share. Jan. Mar. 20 Apг. July 31 Aug. 14 The share dividend was issued. A $1.40 per share cash dividend was declared, and the date of record was five days later. Oct. 20