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Grant Construction Ltd. prepares its reports using IFRS. The following information relates to its shareholders' equity on January 1, 2021, the first day of its fiscal year. $0.50-noncumulative preferred shares, unlimited number of shares authorized, 100,000 shares issued Common shares, unlimited number of shares authorized, 1,200,000 shares issued Contributed surplus-reacquisition of common shares Retained earnings Accumulated other comprehensive income 1,200,000 3,672,200 15,800 7,100,000 (431,000) During 2021, there were the following transactions related to shares. 1. On May 15, 2021, Grant purchased a Caterpillar bulldozer in exchange for 90,000 common shares with a market value of $3.15 per share. The fair value of the bulldozer was $295,400. 2. On June 1, 2021, Grant's board of directors declared the semi-annual dividend to the preferred shareholders to shareholders of record on June 15, payable June 30. 3. The semi-annual dividend to the preferred shareholders is paid on the appropriate date. 4. On September 16, 2021, reacquired 40,000 common shares for $139,250 cash. 5. On December 15, 2021, Grant's board of directors declared the second semi-annual dividend to the preferred shareholders payable December 30, 2021 and a 10% stock dividend to the common shareholders for shareholders of record on December 16, 2021, both payable January 20, 2022. The market price of the common shares at December 15, 2021 was $4.00 per share. 6. Reported profit of $1,450,000 for the year. GRANT CONSTRUCTION LTD Statement of Changes in Shareholders' Equity Year ended December 31, 2021 Stock Contributed Surplus- Dividend Reacquisition of Distributable Common Shares Preferred Shares Common Shares Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Balance, January 1 1200000 3672200 15800 7100000 431000 11557000 Issued for equipment 295400 295400 Reacquired shares X -139250 - 139250 Stock Dividend 500000 500000 Cash dividends -50000 -50000 X X Comprehensive income Balance, December 31 1200000 2 500000 -123450