Marigold Construction Ltd. reported the following information related 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, 140,000 shares issued		$1,540,000
Common shares, unlimited number of shares authorized, 1,540,000 shares issued		4,651,000
Retained earnings		490,000

During the year, the following transactions relating to shares occurred.

1.		May 15, 2021, issued 5,000 preferred shares with a fair value of $11.50 per share for cash.
2.		Purchased a Caterpillar bulldozer on June 5, 2021 in exchange for a cash payment of $17,000 and issued 90,000 common shares with an estimated fair value of $3.15 per share. The fair value of the bulldozer was unavailable.
3.		On June 30, 2021, issued 4,100 preferred shares in exchange for legal services (Legal Fees Expense) in the amount of $52,000. The preferred shares had an estimated fair value of $11.60 on June 30, 2021.
4.		November 30, 2021, declared and paid $70,000 of dividends to the preferred shareholders.

The following operating information was provided for the year:

Service revenue		$800,000
Operating expenses		190,000
Miscellaneous expense		70,000
Office expense		120,000
Interest expense		10,000
Income tax paid in instalments		112,000
Income tax rate		30	%

Marigold Construction Ltd. follows ASPE.

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