The accounting records of Hastings Enterprises Ltd. included the following items, listed in no particular order (assume normal balances), as of December 31, 2020:

Gain on sale of equipment	$40,000
Accumulated depreciation - equipment	162,000
Net sales revenue	2,100,000
Operating expenses	306,000
Interest expense	20,000
Unearned revenue	137,000
Cost of goods sold	1,260,000

On January 1, 2020, Hastings had 70,000 common shares and 30,000, $2, cumulative preferred shares outstanding. For the two years prior to 2020, Hastings did not declare any dividends. On March 1, 2020, the company issued 15,000 common shares. On June 1, the company declared and paid dividends of $200,000. On September 1, the company declared a 3 for 2 stock split of its common shares. Hastings has an income tax rate of 25%. The stock market price of Hastings stock on December 31, 2020, was $30.00

Required:

Calculate the following (show your calculations for part marks):

1. Hastings earnings per share for the year ended December, 31, 2020. Show your answer correct to two decimal places. (11 Marks)
2. The price-earnings ratio for Hastings on December 31, 2020. Show your answer correct to two decimal places. (2 Marks)
3. The total dividends paid to the common shareholders during 2020 (2 Marks)

(a) Earnings per share

(b) The price-earnings ratio on December 31, 2020

(c) Total dividends paid to the common shareholders during 2020