Kaye Biotech Inc. had the following equity account balances at December 31, 2022:

Preferred shares, $2.85, non-cumulative,
Authorized: 21,600 shares
Issued and outstanding: 5,800 shares	$	40,600
Common shares,
Authorized: Unlimited
Issued and outstanding: 89,000 shares		301,234
Retained earnings		43,800

On February 1, 2023, 5,800 preferred shares were issued at $8.50 each. The board of directors declared and paid the annual cash dividend on the preferred shares on June 30, 2023, and a 11% common share dividend was declared and distributed on the same day when the market price per common share was $4.60. On October 1, 2023, 21,600 common shares were issued at $4.74 each. Profit earned during 2023 was $416,800. Required: Using the information provided, prepare the statement of changes in equity for the year ended December 31, 2023. (Amounts to be deducted should be indicated by a minus sign.)

KAYE BIOTECH INC.
Statement of Changes in Equity
For Year Ended December 31, 2023
	Preferred Shares	Common Shares	Retained Earnings	Total Equity
Balance, January 1				$0
				0
				0
				0
				0
				0
Balance, December 31	$0	$0	$0	$0