Ice Industries Inc. showed the following equity account balances at December 31, 2019:

Common shares, unlimited shares authorized,
70,000 shares issued and outstanding ....................................... $816,000
Retained earnings ........................................................................... 112,800

The company issued long-term debt during 2020 that requires a retained earnings restriction of $72,000. Share dividends declared but not distributed during 2020 totalled 7,000 shares capitalized for a total of $84,000.

a. Prepare a statement of changes in equity for the year ended December 31, 2020, assuming profit earned during the year was $124,800.

b. What is the maximum amount of dividends that the company can declare during 2021?