6 Marks Question 1 CHECK FIGURE: 2. $104,900 The December 31, 2017, equity section of ZoomZoom Inc's balance sheet appears below Seetlon of the Contributed capital: Preferred shares. $3.76 cumulatve, $1,660,000 40,000 shores authorized and issued Preferred shares, 810 ?0ncumulathe 670,000 1.750,000 $4.080,000 741,600 $4.821,600 8000 sharess authorized and i Common shares, 400,000 shares authorized and issued Total contnibuted capital. Retained eamings Total equity All the shares were issued on January 1, 2015 (when the corporation began operations), No dividends had been declared during the first two years of operations (2015 and 2016). During 2017, the cash dividends declared and paid totalled $613,300. 1. Calculate the amount of cash dividends paid uring 2017 to each of the three classes of shares. 2. 2 Assuming proft eaned during 2017 was $1,250,000, determine the December 31, 2016, balance in retained earnings. 3. 3. Prepare a statement of changes in equity for the year ended December 31, 2017