The December 31, 2023, equity section of ZoomZoom Inc.’s balance sheet appears below.

RequiredAll the shares were issued on January 1, 2021 (when the corporation began operations). No dividends had been declared during the first two years of operations (2021 and 2022). During 2023, the cash dividends declared and paid totalled $613,300.1. Calculate the amount of cash dividends paid during 2023 to each of the three classes of shares. 

2. Assuming profit earned during 2023 was $1,250,000, determine the December 31, 2022, balance in retained earnings.3. Prepare a statement of changes in equity for the year ended December 31, 2023.

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ZoomZoom Inc. Equity Section of the Balance SheetDecember 31, 2023 Contributed capital: Preferred shares, $3.75 cumulative, 40,000 shares authorized and issued $1,660,000 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 670,000 1,750,000 $4,080,000 741,600 $4,821,600