Famous Inc. has $365,000 of income in 2020. During that same time it declared preferred dividends in the amount of $21,000. The following activities affecting common shares occurred during the year: Jan. 1 140,000 common shares were outstanding Aug. 1 Sold 53,000 common shares Sep. 1 Issued a 10 percent common stock dividend 1. Calculate the weighted-average number of common shares outstanding during the year. 2. Calculate earnings per share. 1. Calculate the weighted-average number of common shares outstanding during the year. (Round final answers to the nearest whole number.) Weighted average number of common Transaction shares outstanding Jan. 1 Aug. 1 Sep. 1 Total 2. Calculate earnings per share. (Round to the nearest cent.) The earnings per share is $ Instructor tip Assume preferred shares are non-cumulative. Close - X