AC$3220$ 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{.}80-$noncumulative preferred shares, unlimited number of shares authorized, $100,000$ shares

issued

Common shares, unlimited number of shares authorized, $1,190,000$ shares issued

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

Retained earnings

Accumulated other comprehensive income

$$1,100,000$

$3,593,800$

$15,200$

$7,330,000$

$(450,000)$

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

On May $15,2023,$ AC$3220$ purchased equipment in exchange for $92,000$ common shares

with a market value of $$3\mathrm{.}15$ per share. The fair value of the equipment was $$303,480.$

On June $1,2023,$ AC$3220\text{'}$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 $46,000$ common shares for $$160,000$ cash.

On December $15,2023,$ AC$3220\text{'}$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.