The equity section from the December 31, 2020 balance sheet of Kentucky Corporation appeared as follows: 2021 2020 Contributed capital: Common shares, 52,000 shares authorized; 26,160 and 23,900 shares issued and outstanding, respectively. Retained earnings $570,200 $542,530 506,000 566,600 The following transactions occurred during 2021 (assume the retirements were the first ever recorded by Kentucky): Jan. 5 A $1.60 per share cash dividend was declared, and the date of record was five days later. Mar. 20 2,100 common shares were repurchased and retired at $22.70 per share. Apr. 5 A $0.90 per share cash dividend was declared, and the date of record was five days later. July 5 A $1.80 per share cash dividend was declared, and the date of record was five days later. July 31 A 20.00% share dividend was declared when the market value was $31.00 per share. Aug. 14 The share dividend was issued. Oct. 5 A $1.50 per share cash dividend was declared, and the date of record was five days later. Required: 1. How many shares were outstanding on each of the cash dividend dates? Answer is complete and correct. Jan. 5 Apr. 5 July 5 Oct. 5 23,900 21,800 21,800 26,160 Outstanding shares 3. Prepare the statement of changes in equity for the year ended December 31, 2021. (Deductible values should be indicated by a minus sign.) Answer is complete but not entirely correct. KENTUCKY CORPORATION Statement of Changes in Equity For Year Ended December 31, 2021 Common Retained Total Shares Earnings Equity Balance, January 1 $ 542,530 $ 566,600 $ 1,109,130 Retired common shares (47,670) $ (47,670) Common shares dividend 75,340 (135,160) $ (59,820) Common cash dividends (136,340) $ (136,340) Profit 210,900 $ 210,900 Balance, December 31 $ 570,200 $ 506,000 $ 1,076,200