The only share transactions during 2020 were the declaration and distribution of a 26,400 common share dividend on July 1 and the issuance of 15,600 common shares for cash on October 31. The company's 2020 profit was $626,880. A cash dividend on the preferred shares was declared on December 1, but was not paid as of December 31. Earnings per share for 2020 were calculated as follows: Profit Common shares outstanding on Dec. 31, 2020 $626,880 174,000 $3.60 Required: 1-a. The earnings per share is incorrect. Indicate what changes should be made to the numerator and the denominator? Answer is complete but not entirely correct. In numerator pro should decrease decrease In denominator, common shares outstanding should by by $ 47,040 26.400 1-b. Calculate the correct EPS Answer is complete but not entirely correct. Search O 5 C