The December 31, 2014, equity section of Zalicus Inc.€™s balance sheet appears below.

Required
All the shares were issued on January 1, 2012 (when the corporation began operations). No dividends had been declared during the first two years of operations (2012 and 2013). During 2014, the cash dividends declared and paid totalled $613,300
1. Calculate the amount of cash dividends paid during 2014 to each of the three classes of shares. 2. Assuming net income earned during 2014 was $1,250,000; determine the December 31, 2013, balance in retained earnings.
3. Prepare a statement of changes in equity for the year ended December 31,2014.

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Zalicus Inc. Equity Section of the Balance Sheet December 31, 2014 Contributed capital: Preferred shares, $3.75 cumulative, 40,000 shares authorized and issued Preferred shares, $10 non-cumulative, $1,660,000 670,000 1,750,000 $4,080,000 741,600 $4,821,600 Common shares, 400,000 shares authorized and issued. Total contributed capital Retained earnings.. Total equity