Salmon Limited reported profit of $465,325 for its November 30, 2017, year end. Cash dividends of $90,000 on the common shares and $65,000 on the noncumulative preferred shares were declared and paid during the year. The following information is available regarding Salmon's common shares:
Dec. 1, 2016 The opening number of common shares was 60,000.
Feb. 28, 2017 Sold 10,000 common shares for $200,000 cash.
May 31, 2017 Reacquired 5,000 common shares for $90,000 cash.
Nov. 1, 2017 Issued 15,000 common shares in exchange for land with a fair value of $310,000.
Instructions
(a) Calculate the profit available to common shareholders.
(b) Calculate the weighted average number of common shares for the year.
(c) Calculate earnings per share for the year.