1. calculate the amount of cash dividends paid during 2020 to each of the three classes of shares .

2. assuming profit earned during 2020 was $1250000 determine the December 31,2019 balance in the retained earning

3. prepare a statement of changes in equity for the year ended December 31 , 2020

The December 31, 2020, equity section of ZoomZoom Inc.'s balance sheet appears below. $1,660,000 Zoom Zoom Inc. Equity Section of the Balance Sheet December 31, 2020 Contributed capital: Preferred shares, $3.75 cumulative, 40,000 shares authorized and issued Preferred shares, $10 non-cumulative, 8,000 shares authorized and issued Common shares, 400,000 shares authorized and issued Total contributed capital Retained earnings Total equity 670,000 1,750,000 $4,080,000 741, 600 $4,821, 600 Required: All the shares were issued on January 1, 2018 (when the corporation began operations). No dividends had been declared during t first two years of operations (2018 and 2019). During 2020, the cash dividends declared and paid totalled $613,300