Pina ColadaLimited reported profit of $493,670for its November 30, 2021, year end. Cash dividends of $82,000on the
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Question:
Pina ColadaLimited reported profit of $493,670for its November 30, 2021, year end. Cash dividends of $82,000on the common shares and $66,900on the noncumulative preferred shares were declared and paid during the year. The following information is available regardingPina Colada's common shares:
Dec. 1, 2020
The opening number of common shares was67,000.
Feb. 28, 2021
Sold8,600common shares for $172,000cash.
May 31, 2021
Reacquired4,300common shares for $77,400cash.
Nov. 1, 2021
Issued12,900common shares in exchange for land with a fair value of $250,000.
- Calculate the profit available to common shareholders.
- Calculate the weighted average number of common shares for the year.
- Calculate earnings per share for the year.
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