Exercise 13-12 Weighted-average shares outstanding and earnings per share Lo3 excel CHECK FIGURE: b. Weighted-average outstanding shares = 383,000 Kiwi Charter Corp. reported $1,445,710 of profit for 2020. On November 2, 2020, it declared and paid the an nual preferred dividends of $155,000. On January 1, 2020, Kiwi had 80,000 and 240,000 outstanding preferred and common shares, respectively. The following transactions changed the number of shares outstanding during the year: 1 Feb. Apr. May Oct. 30 1 31 Declared and issued a 20% common share dividend. Sold 135,000 common shares for cash. Sold 50,000 preferred shares for cash. Sold 30.000 common shares for cash. a. What is the amount of profit available for distribution to the common shareholders? b. What is the weighted average number of common shares for the year? 2. What is the earnings per share for the year? Analysis Component: Did the sale of preferred shares on May 1, 2020, affect the basic earnings per common hare