E14-11 Calculate earnings per share. (LO 6) AP Salmon Limited reported prot 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, The opening number of common shares was 60,000. 2016 Feb. 28, Sold 10,000 common shares for $200,000 cash. 2017 May 31, Reacquired 5,000 common shares for $90,000 cash. 2017 Nov. 1, Issued 15,000 common shares in exchange for land with a fair 2017 value of $310,000. Instructions (a) Calculate the prot available to common shareholders. (b) Calculate the weighted average number of common shares for the year. (C) Calculate earnings per share for the year. E14-12 Calculate earnings per share