The equity section from the December 31, 2020 balance sheet of Kentucky Corporation appeared as follows: Contributed capital: Common shares, 54, 100 shares authorized; 23, 040 and 21, 300 shares issued and outstanding, respectively. Retained earnings Required: 1. How many shares were outstanding on each of the cash dividend dates? Outstanding shares The following transactions occurred during 2021 (assume the retirements were the first ever recorded by Kentucky): Jan. 5A $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 $28. 30 per share. 5 A $0.70 per share cash dividend was declared, and the date of record was five days later. Apr. July 5 A $1.90 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 $1.50 per share cash dividend was declared, and the date of record vas five days later. 2. How much profit did the company earn during 2021? Profit Jan. 5 Apr. 5 July 5 21,300 19,200 19,200 Balance, January 1 Balance, December 31 KENTUCKY CORPORATION Statement of Changes in Equity For Year Ended December 31, 2021 Retained Earnings Common Shares Oct. 5 23.040 3. Prepare the statement of changes in equity for the year ended December 31, 2021. (Deductible values should be indicated by a minus sign.) $ Total Equity $ 248,600 $ $ $ S $ 0 $ 248.000 $ 248,800 2021 $ 498, 100 521, 900 0 0 0 0 248,800 2020 $ 602, 790 476,900