Check my work 1 The equity section from the December 31, 2020 balance sheet of Kentucky Corporation appeared as follows: 2821 2020 Contributed capital: Cannon shares, 56,200 shares authorized; 21,728 and 19,900 shares issued and outstanding, respectively. $417, 400 $386,000 Retained earnings 620,500 602,380 References The following transactions occurred during 2021 (assume the retirements were the first ever recorded by Kentucky): Jan. 5 A $1.30 per share cash dividend was declared, and the date of record was five days later. Apr. 5 A $1.00 per share cash dividend was declared, and the date of record was five days later. July 5 A $2.40 per share cash dividend was declared, and the date of record was five days later. July 31 A 20.88% share dividend was declared when the market value was $36.00 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 Oct. 5 Outstanding shares 2. How much profit did the company earn during 2021? Profit 1 2. How much profit did the company earn during 2021? Profit References 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 Balance, January 1 Total Equity $ $ OOOO $ $ 0 $ 0 $ Balance, December 31 $ 0 0