Kaye Biotech Inc. had the following equity account balances at December 31, 2019: Preferred shares, $2.45, non-cumulative, Authorized 20,000 shares Issued and outstandings 5,000 shares Common shares, Authorised: Unlimited Issued and outstanding: 85,000 shares Retained earnings $ 35,000 287,695 40,600 On February 1, 2020, 5,000 preferred shares were issued at $7.70 each. The board of directors declared and paid the annual cash dividend on the preferred shares on June 30, 2020, and a 12% common share dividend was declared and distributed on the same day when the market price per common share was $4.20. On October 1, 2020, 20,000 common shares were issued at $4.34 each. Profit earned during 2020 was $408,800. Required: Using the information provided, prepare the statement of changes in equity for the year ended December 31, 2020. (Amounts to be deducted should be indicated by a minus sign.) KAYE BIOTECH INC. Statement of Changes in Equity For Year Ended December 31, 2020 Preferred Common Shares Shares Retained Earnings Total Equity Balance, January 1