Required:- Calculate the amount of cash dividends paid during 2020 to each of the three classes of shares. 2. Assuming profit earned during 2020 was $1,250,000, determine the December 31, 2019, balance in retained earnings. 3. Prepare a statement of changes in equity for the year ended December 31, 2020.

The December 31, 2020, equity section of ZoomZoom Inc.'s balance sheet appears below. Zoom Zoom Inc. Equity Section of the Balance Sheet December 31, 2020 Contributed capital: Preferred shares, $3.75 cumulative, 40,000 shares authorized and issued Preferred shares, $10 non-cumulative, 8,000 shares authorized and issued Common shares, 400,000 shares authorized and issued Total contributed capital Retained earnings Total equity $1,660,000 670,000 1,750,000 $4, 080,000 741, 600 $4,821,600 Required: All the shares were issued on January 1, 2018 (when the corporation began operations). No dividends had been declared during the first two years of operations (2018 and 2019). During 2020, the cash dividends declared and paid totalled $613,300. 1. Calculate the amount of cash dividends paid during 2020 to each of the three classes of shares. Cash Dividends Cumulative preferred shares Non mi lativa nrefer