Chinook Corporation started the year ended November 30, 2015, with 60,000 common shares and no preferred shares issued. The following changes in share capital occurred during the year:

Feb. 28 Issued 15,000 common shares for $225,000.

Sept. 1 Issued 20,000 $1 cumulative preferred shares for $500,000.

Nov. 1 Issued 6,000 common shares in exchange for land. The shares were trading for $20 on this date and the fair value of the land was $115,000.

30 Reported profit of $351,250.

30 Declared the quarterly cash dividend to the preferred shareholders of record on December 16, payable on December 31.

Instructions

(a) Calculate the profit available for the common shareholders.

(b) Calculate the weighted average number of common shares for the year.

(c) Calculate the earnings per share for the year.