Salmon Limited reported profit of $465,325 for its November 30, 2021, year end. Cash dividends of $90,000 on the common shares and $65,000 on the noncumulative preferred shares were declared and paid during the year. The following information is available regarding Salmon's common shares:

Calculate earnings per share.

Dec.

1, 2020

The opening number of common shares was 60,000.

Feb.

28, 2021

Sold 10,000 common shares for $200,000 cash.

May

31, 2021

Reacquired 5,000 common shares for $90,000 cash.

Nov.

1, 2021

Issued 15,000 common shares in exchange for land with a fair value of $310,000.

Instructions

a.Calculate the profit available to common shareholders.

b.Calculate the weighted average number of common shares for the year.

c.Calculate earnings per share for the year.