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; 24,840 and 23,200 shares issued and outstanding, respectively $546,480 $464,000 Retained earnings 570,000 458,000 The following transactions occurred during 2021 (assume the retirements were the first ever recorded by Westburne): Jan. 5 A $1.60 per share cash dividend was declared, and the date of record was five days later. Mar. 20 2,500 common shares were repurchased and retired at $20.00 per share. Apr. 5 A $1.60 per share cash dividend was declared, and the date of record was five days later. July 5 A $1.50 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 $1.60 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? Answer is complete and correct. Jan. 5 Apr. 5 July 5 Oct. 5 23,200 20,700 20,700 24,840 Outstanding shares 2. How much profit did the company earn during 2021? Answer is complete but not entirely correct. $ 355,584 Profit