The equity section from the December 31, 2020 balance sheet of Kentucky Corporation appeared as follows: Contributed capital: Common shares, 51,000 shares authorized; 24,480 and 22,500 shares issued and outstanding, respectively. Retained earnings 2021 2020 $601,800 $537,750 526,200 600,600 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 2,100 common shares were repurchased and retired at $23.90 per share. Apr. 5 A $0.90 per share cash dividend was declared, and the date of record was five days later. July 5 A $1.70 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 $28.00 per share. Aug. 14 The share dividend was issued. Oct. 5 A $1.50 per share cash dividend was declared, and the date of record was five days later. Required: 1. How many shares were outstanding on each of the cash dividend dates? Jan. 5 Apr. 5 July 5 Oct. 5 Outstanding shares 2. How much profit did the company earn during 2021? Profit 3. Prepare the statement of changes in equity for the year ended December 31, 2021. (Deductible values should be indicated by a minus sign.) Balance, January 1 Balance, December 31 KENTUCKY CORPORATION Statement of Changes in Equity For Year Ended December 31, 2021 Common Shares Retained Earnings Total Equity