The equity section from the December 31, 2020 balance sheet of Kentucky Corporation appeared as follows: 2021 2020 Contributed capital: Common shares, 51,000 shares authorized; 27,600 and 25,000 shares issued and outstanding, respectively. Retained earnings $640,200 $735,000 591,000 554,300 The following transactions occurred during 2021 (assume the retirements were the first ever recorded by Kentucky): Jan. 5 A $1.60 per share cash dividend was declared, and the date of record was five days later. Mar. 20 2,000 common shares were repurchased and retired at $29.40 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 $1.60 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 $35.00 per share. Aug. 14 The share dividend was issued. Oct. 5 A $1.80 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.) Answer is complete but not entirely correct. KENTUCKY CORPORATION Statement of Changes in Equity For Year Ended December 31, 2021 Common Shares Retained Earnings Total Equity Balance, January 1 $ 443,300 $ 554,300 $ 997,600 Retired common shares Common shares dividend (42,000) > 161,000 $ (42,000) Common cash dividends Profit (161,000) (149,480) $ 0 $ (149,480) 347,180 $ 347,180 Balance, December 31 $ 562,300 $ 591,000 $ 1,153,300