Kaye Biotech Inc. had the following equity account balances at December 31, 2016:

Preferred shares, $2.65, non-cumulative,
Authorized: 20,800 shares
Issued and outstanding: 5,400 shares	$	37,800
Common shares,
Authorized: Unlimited
Issued and outstanding: 87,000 shares		294,464
Retained earnings		42,200

On February 1, 2017, 5,400 preferred shares were issued at $8.10 each. The board of directors declared and paid the annual cash dividend on the preferred shares on June 30, 2017, and a 13% common share dividend was declared and distributed on the same day when the market price per common share was $4.40. On October 1, 2017, 20,800 common shares were issued at $4.54 each. Profit earned during 2017 was $412,800.

Required: Using the information provided, prepare the statement of changes in equity for the year ended December 31, 2017. (Amounts to be deducted should be indicated by a minus sign.)

KAYE BIOTECH INC.
Statement of Changes in Equity
For Year Ended December 31, 2017
	Preferred Shares	Common Shares	Retained Earnings	Total Equity
Balance, January 1				$0
				0
				0
				0
				0
				0
Balance, December 31	$0	$0	$0	$0