PRINTERE Problem 14-10A The shareholders' equity accounts of Cullumber Ltd. on April 1, 2016, the beginning of the fiscal year, are as follows: $4 cumulative preferred shares (22,000 issued) $2,090,000 Common shares (450,000 issued) 3,600,000 Retained earnings 1,600,000 Total shareholders' equity $7,290,000 During the year, the following transactions occurred: 2016 June 1 Reacquired 10,000 common shares for $9 per share. July 1 Issued 52,000 common shares for $10 per share, Sept. 30 Reacquired 6,000 common shares for $9.50 per share. 2017 31 Issued 54,000 common shares in exchange for land. The land's fair value was $540,000 Mar. 31 Profit for the year ended March 31, 2017, was $1,057,000. Calculate the weighted average number of common shares for the year. (Round answer to o decimal places, 6.9.5,275.) Weighted average number of common shares Assuming the preferred shares dividends are one year in arrears, calculate the earnings per share if no preferred dividends are declared during the year. (Round places, c.g. 52.75.) MAH tv 28