The equity section from the December 31, 2020 balance sheet of Kentucky Corporation appeared as follows: 2021 2020 Contributed capital: Common shares, 47, 300 shares authorized; 24, 480 and 21,900 shares issued and outstanding, respectively. Retained earnings $ 525, 100 569, 100 $ 492, 100 594, 900 The following transactions occurred during 2021 (assume the retirements were the first ever recorded by Kentucky): Jan. 5 A $1. 40 per share cash dividend was declared, and the date of record was five days later. Mar. 20 1,500 common shares were repurchased and retired at $23.00 per share. Apr. 5 A $1.00 per share cash dividend was declared, and the date of record was five days later. July 5 A $2.40 per share cash dividend was declared, and the date of record was five days later. July 31 A 20.00% share dividend was declared when the market value was $38.00 per share. Aug. 14 The share dividend was issued. Oct. 5 A $1.90 per share cash dividend was declared, and the date of record was five days later. 3. Prepare the statement of changes in equity for the year ended December 31, 2021. (Deductible values should be indicated by a minus sign.) $ KENTUCKY CORPORATION Statement of Changes in Equity For Year Ended December 31, 2021 Common Retained Total Equity Shares Earnings Balance, January 1 492,100 $ 594,900 $ 1,087,000 Retired common shares (34,500) $ (34,500) Common shares dividend 155,040 (155,040) $ 0 Common cash dividends $ 0 Profit 275,772 $ 275,772 Balance, December 31 $ 612,640 $ 715,632 $ 1,328,272