Exercise 11-12 Golden Valley Corporation started the year ended November 30, 2018, with 187,000 common shares and no preferred shares issued. The following changes in share capital occurred during the year: Feb. 28 Issued 42,960 common shares for $709,000 Sept. 4 Issued 54,400 $1 cumulative preferred shares for si,360,000 Nov. 1 Issued 18,720 common shares in exchange for land. The shares were trading for 518 on this date and the fair value of the land was 320,660 Reported net income of $1,01o,aoo Declared the quarterly cash dividend to the preferred shareholders of record on December 14, payable on December 31 30 30 Calculate the income available for the common shareholders. Income available to common shareholders