The December 31, 2017, equity section of Zoom Zoom Inc.'s balance sheet appears below. Zoom Zoom Inc. Equity Section of the Balance Sheet December 31, 2017 Contributed capital: Preferred shares, $3.75 cumulative, 42,000 shares authorized $ 1,680,000 and issued Preferred shares, $10 non-cumulative, 7,800 shares authorized and issued 690,000 Common shares, 420,000 shares authorized and issued 1,770,000 Total contributed capital Retained earnings $ 4,140,000 751,600 Total equity $ 4,891,600 Required: All the shares were issued on January 1, 2015 (when the corporation began operations). No dividends had been declared during the first two years of operations (2015 and 2016). During 2017, the cash dividends declared and paid totalled $623,300. 1. Calculate the amount of cash dividends paid during 2017 to each of the three classes of shares. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Cash Dividends Cumulative preferred shares Noncumulative preferred shares Common shares 2. Assuming profit earned during 2017 was $1,260,000, determine the December 31, 2016, balance in retained earnings. Retained earnings balance 2. Assuming profit earned during 2017 was $1,260,000, determine the December 31, 2016, balance in retained earnings. Retained earnings balance 3. Prepare a statement of changes in equity for the year ended December 31, 2017. (Amounts to be deducted should be indicated by a minus sign.) ZOOMZOOM INC. Statement of Changes in Equity For Year Ended December 31, 2017 Preferred Preferred shares, Common shares, $10 Non- shares $3.75 cum. cum. Retained earnings Total equity Balance, January 1 Balance, December 31