On March 1, 2023, VisionTech Inc.s board of directors declared a 15% share dividend when the market price per share was $9.00. On November 15, 2023, the board of directors declared a 4:1 share split. The equity section of the companys December 31, 2022, balance sheet showed:

Common shares; 20,000,000 shares authorized; 4,200,000 shares issued and outstanding	$	26,250,000
Retained earnings		3,470,000

Required: 1. Prepare a statement of changes in equity for the year ended December 31, 2023, assuming profit earned during the year was $4,980,000. (Amounts to be deducted should be indicated by a minus sign.)