Marshall Inc's shareholders' equity accounts were as follows at the beginning of the most recent fiscal year, August $1,2023$:

During the year, the following selected transactions occurred:

Oct. $1$ Repurchased $24,600$ common shares for $$22$ per share.

Dec. $1$ Issued $62,400$ common shares for $$24$ per share.

Feb. $1$ Issued $9,400$ common shares for $$25$ per share.

June $20$ Declared the annual preferred cash dividend to shareholders of record on July $10,$ payable on July $31.$

July $31$ Net income for the year ended July $31,2024,$ was $$1,341,280.$

$($a$)$

Your answer is correct.

Calculate the weighted average number of common shares for the year.

Weighted Average Number of Shares

$($b$)$

eTextbook and Media

Your answer is incorrect.

Calculate the basic earnings per share. $($Round answer to $2$ decimal places e$.$g$.5\mathrm{.}25.)$