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 $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? Answer is complete but not entirely correct. Jan. 5 Apr. 5 July 5 Oct. 5 23,100 21,200 21,200 16,960 Outstanding shares 2. How much profit did the company earn during 2021? X Answer is complete but not entirely correct. Profit 222.274 3. Prepare the statement of changes in equity for the year ended December 31, 2021. (Deductible values should be indicated by a minus sign.) Answer is complete but not entirely correct. KENTUCKY CORPORATION Statement of Changes in Equity For Year Ended December 31, 2021 Common Retained Total Shares Earnings Equity Balance, January 1 $ $ 514,900 $ 615,500 $ 1,130,400 Retired common shares (45,600) $ (45,600) Common shares dividend 161,120 (161,120) $ 0 Common cash dividends (128,354) $ (128,354) Profit 45,600 222 274 $ 267,874 Balance, December 31 $ 676,020 $ 548,300 $ 1.224,320