Test Corporation Inc. reported $3,200,000 in profit in 2020 and declared and paid preferred dividends of $1,275, 100. The following changes in common shares outstanding occurred during the year: January 1 78,000 common shares were outstanding. March 1 Board of Directors declared a 3:1 share split effective on this date August 1 - Sold 50,000 common shares. November 1 - Purchased and retired 110,000 common shares. Calculate the following: 1) Weighted average number of common shares outstanding during the year 2) The earnings per share. Round calculations to two (2) decimal places. Show all calculations