Range Energy Corp.'s financial statements for the current year ended December 31, 2020, have been completed and submitted to you for review. The equity account balances a year ago, at December 31, 2019, are as follows: Preferred shares, $4.20 non-cumulative, 10,000 shares authorized, issued, and outstanding Common shares, unlimited shares authorized, 120,000 shares issued and outstanding Retained earnings $ 748,050 1,420,350 675,795 The only share transactions during 2020 were the declaration and distribution of a 24,000 common share dividend on July 1 and the issuance of 12,000 common shares for cash on October 31. The company's 2020 profit was $620,880. A cash dividend on the preferred shares was declared on December 1, but was not paid as of December 31. Earnings per share for 2020 were calculated as follows: Profit Common shares outstanding on Dec. 31, 2020 $620,880 156,000 -$3.98 Required: 1-a. The earnings per share is incorrect. Indicate what changes should be made to the numerator and the denominator? In numerator, profit should by In denominator, common shares outstanding should by 1-b. Calculate the correct EPS. Correct EPS = Profit Common shares outstanding on Dec. 31, 2020