On March $1,2023,$ VisionTech Inc.$\text{'}$s board of directors declared a $5\%$ share dividend when the market price per share was $$21\mathrm{.}00.$ On

November $15,2023,$ the board of directors declared a $4$:$1$ share split. The equity section of the company's December $31,2022,$ balance

sheet showed:

Common shares; $20,000,080$ shares authorized;

$4,000,000$ shares issued and outstanding

$$25,200,000$

Retained earnings

$6,165,000$

Required:

Prepare a statement of changes in equity for the year ended December $31,2023,$ assuming profit earned during the year was

$$6,995,000.($Amounts to be deducted should be indicated by a minus sign.$)$

Prepare the equity section of the December $31,2023,$ balance sheet.