Venir Exchange Corp. had the following equity account balances at December 31, 2022:

On November 1, 2023, the board of directors declared and paid the current year’s cash dividend on the preferred shares plus the two years of dividends in arrears. On the same day, a 10% common share dividend was declared and distributed; the market price per common share was $4.20. On December 1, 2023, 100,000 common shares were issued at $4.32. Profit earned during 2023 was $240,000.

Required
Using the information provided, prepare the statement of changes in equity for the year ended December 31, 2023.

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Preferred shares, $0.60, cumulative, Authorized: 100,000 shares Issued and outstanding: 45,000 shares $ 432,000 Common shares, Authorized: Unlimited Issued and outstanding: 300,000 shares Retained earnings 1,077,840 261,600