Problem 11-8A Steering Inc.'s shareholders' equity accounts were as follows at the beginning of the current fiscal year, August 1, 2017: $1 noncumulative preferred shares (101,000 shares issued) Common shares (322,000 shares issued) Retained earnings Total shareholders' equity $2,525,000 3,220,000 2,700,000 $8,445,000 During the year, the following selected transactions occurred: Oct. 1 Reacquired 24,000 common shares for $21 per share. Dec. 1 Issued 57,600 common shares for $26 per share. Feb. 1 Issued 10,600 common shares for $27 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, 2018, was $1,195,000. x Your answer is incorrect. Try again. Calculate the weighted average number of common shares for the year. Weighted Average Number of Shares 366200 x Your answer is incorrect. Try again. Calculate the basic earnings per share. (Round answer to 2 decimal place e.g. 5.25.) Basic Earnings per Share LINK TO TEXT Your answer is incorrect. Try again Would your answer to the basic earnings per share calculated above change if the preferred share dividend had not been declared on June 20% (Round answer to 2 decimal place e.g. 5.25.) Basic Earnings per Share