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

ZoomZoom Inc.

Equity Section of the Balance Sheet

December $31,2023$

Contributed capital:

Preferred shares, $$3\mathrm{.}75$ cumulative, $44,000$ shares authorized and issued $ $1,700,000$

Preferred shares, $$10$ non$-$cumulative, $7,600$ shares authorized and issued $710,000$

Common shares, $440,000$ shares authorized and issued $1,790,000$

Total contributed capital $ $4,200,000$

Retained earnings $761,600$

Total equity $ $4,961,600$

Required:

All 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 $$633,300.$

$1.$ Calculate the amount of cash dividends paid during $2023$ to each of the three classes of shares.

$2.$ Assuming profit earned during $2023$ was $$1,270,000,$ determine the December $31,2022,$ balance in retained earnings.

$3.$ Prepare a statement of changes in equity for the year ended December $31,2023.($Amounts to be deducted should be indicated by a minus sign.$)$