Please answer the preparing a statement of change's in shareholder's equity for the year.

The post-closing trial balance of Cullumber Corporation at December 31, 2021, contains the following shareholders' equity accounts: $5 noncumulative preferred shares (9,300 issued) $976,500 Common shares (396,900 issued) 1,979,600 Retained earnings 3,150,850 A review of the accounting records reveals the following: 1. The January 1, 2021, balance in Preferred Shares was $976,500, Common Shares was $1,278,000 (319,500 shares), the balance in Contributed Surplus-Reacquisition of Common Shares was $30,900, and the balance in Retained Earnings was $2,443,000. 2. One of the company's shareholders needed cash for a personal expenditure. On January 15, the company agreed to reacquire 20,600 shares from this shareholder for $7 per share. 3. On July 1, the company corrected a prior period error that resulted in an increase to the Long-Term Investment account, as well as to the prior year's profit of $253,000 before income tax. 4. On October 1, 98,000 common shares were sold for $8 per share. 5. The preferred shareholders' dividend was declared and paid in 2021 for two quarters. Due to a cash shortage, the last two quarters' dividends were not declared or paid. 6. Profit for the year before income tax was $763,000. The company has a 25% income tax rate. Prepare entries to close dividends and the Income Summary account and post. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Income Summary 572,250 Retained Earnings 572,250 (To close Income Summary.) Dec. 31 Retained Earnings 23,250 Cash Dividends - Preferred 23,250 (To close dividends to retained earnings.) Prepare a statement of changes in shareholders' equity for the year. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses eg. (45). List variable costs before fixed costs.) CULLUMBER CORPORATION Statement of Changes in Shareholders' Equity Year Ended December 31, 2021 Preferred Shares Common Shares Contributed Surplus- Reacquisition of Common Shares Balance January 1, as previously reported $ 976,500 $ 1,278,000 $ 30,900 $ Correction for understatement of investment, net of $63,250 income tax expense 0 0 0 Balance January 1, as adjusted 976,500 1,278,000 30,900 Issued for cash da Issued for cash Reacquired shares 0 Cash dividends -preferred Profit Balance, December 31 $ $ $ TA $ -74 lii Contributed Surplus- Reacquisition of Common Shares Retained Earnings Total Do $ 30,900 $ 2,443,000 $ 4,728,400 0 0 63,250 63,250 20 30,900 2,506,250 4,791,650 $ $ $