Monty Construction Ltd$.$ prepares its reports using IFRS. The following information relates to its shareholders' equity on January $1,$

$2023,$ the first day of its fiscal year.

$$0\mathrm{.}70-$noncumulative preferred shares, unlimited number of shares authorized, $100,000$ shares issued $$1,200,000$

Common shares, unlimited number of shares authorized, $1,160,000$ shares issued

$3,503,200$

Contributed surplus $($repurchase of common shares$)$

$15,500$

Retained earnings

Accumulated other comprehensive income

During the year, there were the following transactions related to shares.

On May $15,2023,$ Monty purchased equipment in exchange for $95,000$ common shares with a market value of

$$3\mathrm{.}35$ per share. The fair value of the equipment was $$312,000.$

On June $1,2023,$ Monty's board of directors declared the semi$-$annual dividend to the preferred shareholders of

record on June $15,$ payable June $30.$

The semi$-$annual dividend to the preferred shareholders is paid on the appropriate date.

On September $16,2023,$ reacquired $47,500$ common shares for $$162,000$ cash.

On December $15,2023,$ Monty's board of directors declared the second semi$-$annual dividend to the preferred

shareholders and a $10\%$ stock dividend to the common shareholders for shareholders of record on December $31,$

$2023$ payable January $20,2024.$ The market price of the common shares at December $15,2023$ was $$4$ per share.

Reported comprehensive income of $$1,500,000$ for the year, consisting of $$1,500,000$ of profit and $$0$ other

comprehensive income.