The December 31, 2017, equity section of ZoomZoom Inc.’s balance sheet appears below.

Required 

All the shares were issued on January 1, 2015 (when the corporation began operations). No dividends had been declared during the first two years of operations (2015 and 2016). During 2017, the cash dividends declared and paid totalled $613,300.

1. Calculate the amount of cash dividends paid during 2017 to each of the three classes of shares.2. Assuming profit earned during 2017 was $1,250,000, determine the December 31, 2016, balance in retained earnings.3. Prepare a statement of changes in equity for the year ended December 31, 2017.

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ZoomZoom Inc. Equity Section of the Balance Sheet December 31, 2017 Contributed capital: Preferred shares, $3.75 cumulative, 40,000 shares authorized and issued... Preferred shares, $10 non-cumulative, 8,000 shares authorized and issued. Common shares, 400,000 shares authorized and issued............... Total contributed capital........ Retained earnings............. Total equity.. *********** $1,660,000 670,000 1,750,000 $4,080,000 741,600 $4,821,600