The equity section from the December 31, 2020 and 2021, balance sheets of Westburne Corporation appeared as follows:

The following transactions occurred during 2021 (assume the retirements were the first ever recorded by Westburne):

Required

1. How many shares were outstanding on each of the cash dividend dates?

2. How much profit did the company earn during 2021?

Transcribed Image Text:

2021 2020 Contributed capital: Common shares, 50,000 shares authorized; 22,200 and 20,000 shares issued and outstanding, respectively. Retained earnings.. $486,920 $392,000 448,000 560,000 Jan. Mar. A $1.40 per share cash dividend was declared, and the date of record was five days later. 20 1,500 common shares were repurchased and retired at $19.60 per share. A $1.40 per share cash dividend was declared, and the date of record was five days later. A $1.40 per share cash dividend was declared, and the date of record was five days later. 31 Apr. July A 20% share dividend was declared when the market value was $33.60 per share. 14 The share dividend was issued. A $1.40 per share cash dividend was declared, and the date of record was five days later. Aug. Oct.