Assume the accrual basis of accounting and a year-end of 31 December. Show your calculations.

Mango Ltd reported earnings of $12 per share in 2021. The dividend payout ratio was 40%. John Peach owned 20% of the common shares, received a dividend cheque for $45,600. Required: i) How many shares does John Peach own? ii) What were Mango Ltd's net earnings in 2021