The December $31,2023,$ equity section of ZoomZoom Inc.$$s balance sheet appears below.Required:

All the shares were issued on January $1,2021($when the corporation began operations$).$ No dividends had been declared during the

first two years of operations $(2021$ and $2022).$ During $2023,$ the cash dividends declared and pald totalled $$608,300.$

Calculate the amount of cash dividends pald during $2023$ to each of the three classes of shares.

Answer is complete and correct.

$2$ Assuming profit earned durlng $2023$ was $$1,245,000,$ determine the December $31,2022,$ balance in retalned eamings.

Answer is complete but not entirely correct.

Answer is complete but not entirely correct.

ZOOMZOOM INC.

Prepare a statement of changes in equlty for the year ended December $31,2023.($Amounts to be deducted should be indicated

by a minus slgn$.)$

ZoomZoom Inc.

Equity Section of the Balance Sheet

December $31,2023$

Contributed capital:

Preferred shares, $$3\mathrm{.}75$ cumulative, $39,000$ shares authorized and issued $ $1,650,000$

Preferred shares, $$10$ non$-$cumulative, $8,100$ shares authorized and issued $660,000$

Common shares, $390,000$ shares authorized and issued $1,740,000$

Total contributed capital $ $4,050,000$

Retained earnings $736,600$

Total equity $ $4,786,600$

Required:

All the shares were issued on January $1,2021($when the corporation began operations$).$ No dividends had been declared during the first two years of operations $(2021$ and $2022).$ During $2023,$ the cash dividends declared and paid totalled $$608,300.$