Grant Construction Ltd. prepares its reports using IFRS. The following information relates 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,100,000shares issued

1,200,000

Common shares, unlimited number of shares authorized,1,200,000shares issued

3,720,200

Contributed surplusreacquisition of common shares

14,200Retained earnings

7,200,000Accumulated other comprehensive income

(441,000)

During 2021, there were the following transactions related to shares.

1.

On May 15, 2021, Grant purchased a Caterpillar bulldozer in exchange for90,000common shares with a market value of $3.15per share. The fair value of the bulldozer was $295,400.

2.

On June 1, 2021, Grant's board of directors declared the semi-annual dividend to the preferred shareholders to shareholders of record on June 15, payable June 30.

3.

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

4.

On September 16, 2021, reacquired45,000common shares for $155,000cash.

5.

On December 15, 2021, Grant's board of directors declared the second semi-annual dividend to the preferred shareholders payable December 30, 2021 and a 10% stock dividend to the common shareholders for shareholders of record on December 16, 2021, bothpayable January 20, 2022. The market price of the common shares at December 15, 2021 was$4.00per share.

6.

Reported profit of $1,450,000for the year.