On March 1, 2020, Vision Tech Inc.'s board of directors declared a 15% share dividend when the market price per share was $8.00. On  November 15, 2020, the board of directors declared a 4:1 share split. The equity section of the company's December 31, 2019, balance  sheet showed:

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Required:r
1. Prepare a statement of changes in equity for the year ended December 31, 2020, assuming profit earned during the year was  $1,005,000.r

Common shares; 20,000,000 shares authorized; 3,900,000 shares issued and outstanding Retained earnings $24,570,000 4,615,000