The equity sections from the 2023 and 2024 balance sheets of The Saucy Bread Company Inc. appeared as follows:

On February 11, May 24, August 13, and December 12, 2024, the board of directors declared $0.30 per share cash dividends on the outstanding shares. 7,500 common shares were issued on August 1, 2024, and another 10,000 were issued on November 2, 2024.

Required

Under the assumption that there were no transactions affecting retained earnings other than the ones given, determine the 2024 profit of the company. Show your calculations.

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The Saucy Bread Company Inc. Equity Section of the Balance Sheet December 31, 2023 Contributed capital: Common shares, unlimited shares authorized, 175,000 shares issued Retained earnings $5,250,000 1,176,432 $6,426,432 Total equity The Saucy Bread Company Inc. Equity Section of the Balance Sheet December 31, 2024 Contributed capital: Common shares, unlimited shares authorized, 192,500 shares issued Retained earnings Total equity $5,796,000 1,320,300 $7,116,300