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Pet Boutique Corp. reported $3,568,640 of profit for 2020. On November 2, 2020, it declared and paid the annual preferred dividends of $277,680. On January
Pet Boutique Corp. reported $3,568,640 of profit for 2020. On November 2, 2020, it declared and paid the annual preferred dividends of $277,680. On January 1, 2020, Pet Boutique had 84,380 and 491,400 outstanding preferred and common shares, respectively. The following transactions changed the number of shares outstanding during the year: Feb. 1 Apr. 30 May 1 Oct.31 Declared and issued a 20% common share dividend. Sold 120,030 common shares for cash. Sold 39,280 preferred shares for cash. Sold 39,240 common shares for cash. a. What is the amount of profit available for distribution to the common shareholders? Earnings available to common shareholders b. What is the weighted-average number of common shares for the year? Weighted-average outstanding shares c. What is the earnings per share for the year? (Round the final answer to 2 decimal places.) Earnings per share
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