Section C: The Statement of Changes in Equity. Prepare a statement of changes in equity for the year and answer 3 calculated questions (5 points each, total 15 points). Question 1: Using the following information, calculate the ending balance in Retained Earnings (5 points): Beginning Retained Earnings: $10,000 Net Income: $5,000 Dividends Paid: $4,000 Question 2: Calculate Net Income given the following information (5 points): Consulting Revenue: $50,000 Rent Expense: $5,000 Software Licensing Fees: $3,000 Dividends Paid: $6,000 Advertising Expense: $20,000 Question 3: Using the following information, calculate how much was paid out in dividends during the year (5 points): Beginning Retained Earnings: $40,000 Net Income: $15,000 Ending Retained Earnings: $30,000