Check my work The December 31, 2020, equity section of ZoomZoom Inc's balance sheet appears below. Contributed capital: ZoomZoom Inc. Equity Section of the Balance Sheet December 31, 2020 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 Required: $1,660,000 670,000 1,750,000 $4,080,000 741,600 $4,821,600 All the shares were issued on January 1, 2018 (when the corporation began operations). No dividends had been declared during the first two years of operations (2018 and 2019). During 2020, the cash dividends declared and paid totalled $613,300.