Boyd Tours Inc. reported $1,600,000 of net income for 2016. On! December 1, it declared and paid the annual preferred dividends of $200,000. On January 1, 2014, Boyd had 100,000 and 300,000 outstanding preferred and common shares, respectively. The following transactions changed the number of shares outstanding during the year. Feb 1 Apr 30 May 1 Oct 31 Declared and issued a 10% common share dividend. Sold 120,000 common shares for cash. Sold 40,000 preferred shares for cash. Sold 100,000 common shares for cash. Required: 1. What is the amount of net income available for distribution to common shareholders? (2 Marks) 2. Calculate the weighted average number of common shares for the year. (6 Marks) 3. Calculate the Earnings per share for the year. (2 Marks)