2 The equity section from the December 31, 2020 balance sheet of Kentucky Corporation appeared as follows: 2021 2020 Contributed capital: Common shares, 51,600 shares authorized; 25,440 and 23,100 shares issued and outstanding, respectively. Retained earnings References $ 600,200 $514,900 548,300 615,500 The following transactions occurred during 2021 (assume the retirements were the first ever recorded by Kentucky): Jan. 5 A $1.50 per share cash dividend was declared, and the date of record was five days later. Mar. 20 1,900 common shares were repurchased and retired at $24.00 per share. Apr. 5 A $1.00 per share cash dividend was declared, and the date of record was five days later. July 5 A $1.90 per share cash dividend was declared, and the date of record was five days later. July 31 A 20.008 share dividend was declared when the market value was $38.00 per share. Aug. 14 The share dividend was issued. Oct. 5 A $1.90 per share cash dividend was declared, and the date of record was five days later. Required: 1. How many shares were outstanding on each of the cash dividend dates? Jan. 5 Apr. 5 July 5 5 Oct. 5 Outstanding shares 2. How much profit did the company earn during 2021? Profit 3. Prepare the statement of changes in equity for the year ended December 31, 2021. (Deductible values should be indicated by a minus sign.) KENTUCKY CORPORATION Statement of Changes in Equity For Year Ended December 31, 2021 Common Retained Shares Earnings Total Equity Balance, January 1 Balance, December 31