Bramble Construction Ltd. prepares its reports using IFS. The following information relates to its shareholders' equity on January 1, 2023, the first day of its fiscal year. $0.80-noncumulative preferred shares, unlimited number of shares authorized, 100,000 shares issued $1,200,000 Common shares, unlimited number of shares authorized, 1,130,000 shares issued 3,412,600 14,300 Contributed surplus (repurchase of common shares) Retained earnings 7,350,000 (468,000) Accumulated other comprehensive income During the year, there were the following transactions related to shares. On May 15, 2023, Bramble purchased equipment in exchange fof 90,000 common shares with a market value of $3.20 per share. The fair value of the equipment was $296,200. On June 1, 2023, Bramble'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 45,000 common shares for $160,000 cash. On December 15, 2023, Bramble'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 $1,450,000 for the year, consisting of $1,450,000 of profit and $0 other comprehensive income