The equity section from the December 31, 2020 and 2021, balance sheets of Westburne Corporation appeared as follows: 2021 2020 Contributed capital: Common shares, 50,000 shares authorized; 24,120 and 22,300 shares issued and outstanding, respectively $ 530,640 $ 446,000 Retained earnings 567,000 455,000 The following transactions occurred during 2021 (assume the retirements were the first ever recorded by Westburne): Jan. 5 A $1.30 per share cash dividend was declared, and the date of record was five days later. Mar. 20 2,200 common shares were repurchased and retired at $20.00 per share. Apr. 5 A $1.30 per share cash dividend was declared, and the date of record was five days later. July 5 A $1.30 per share cash dividend was declared, and the date of record was five days later. July 31 A 20% share dividend was declared when the market value was $32.00 per share. Aug. 14 The share dividend was issued. Oct. 5 A $1.30 per share cash dividend was declared, and the date of record was five days later.

The equity section from the December 31, 2020 and 2021, balance sheets of Westburne Corporation appeared as follows: 2021 2020 ces Contributed capital: Common shares, 50,000 shares authorized; 24,120 and 22,300 shares issued and outstanding, respectively Retained earnings $530,640 $ 446,000 567,000 455,000 The following transactions occurred during 2021 (assume the retirements were the first ever recorded by Westburne): Jan. 5 A $1.30 per share cash dividend was declared, and the date of record was five days later. Mar. 20 2,200 common shares were repurchased and retired at $20.00 per share. Apr. 5 A $1.30 per share cash dividend was declared, and the date of record was five days later. July 5 A $1.30 per share cash dividend was declared, and the date of record was five days later. July 31 A 20% share dividend was declared when the market value was $32.00 per share. Aug. 14 The share dividend was issued. Oct. 5 A $1.30 per share cash dividend was declared, and the date of record was five days later. Required: 1. How many shares were outstanding on each of the cash dividend dates? Jan. 5 Apr. 5 July 5 Oct. 5 Outstanding shares 2. How much profit did the company earn during 2021? Profit