Manto Realty Ltd. is a land developer with a calendar year end. When Manto needs capital to buy land, it often issues common shares, and once cash is obtained on large land sales, shares are often repurchased. Profit for the year ended December 31, 2017 was $870,000. Mantos board of directors declared and paid the annual dividend to its preferred shareholders. Manto Realty Ltd. reported the following information related to its shareholders equity on January 1, 2017. $2-cumulative preferred shares, unlimited number of shares authorized, 100,000 shares issued $4,400,000 Common shares, unlimited number of shares authorized, 550,000 shares issued 3,322,000 Contributed surplusreacquisition of common shares 21,000 Retained earnings 5,254,000 Common shares issuances and reacquisitions were as follows for 2017. Feb. 1 Issued 21,000 shares May 30 Reacquired 16,000 shares July 31 Issued 34,000 shares Nov. 1 Issued 8,000 shares Dec. 1 Reacquired 24,000 shares