The shareholders' equity accounts of Cullumber Ltd. on April 1, 2020, the beginning of the fiscal year, are as follows: $8 cumulative preferred shares (17,000 issued) Common shares (480,000 issued) Retained earnings Total shareholders' equity $1,190,000 4,800,000 1,400,000 $7,390,000 During the year, the following transactions occurred: 2020 June 1 July 1 Sept. 30 2021 Jan. 31 Mar. Reacquired 12,000 common shares for $11 per share. Issued 46,000 common shares for $12 per share. Reacquired 10,000 common shares for $11.50 per share. Issued 60,000 common shares in exchange for land. The land's fair value was $720,000. Profit for the year ended March 31, 2021, was $923,000. 31 (a) Calculate the weighted average number of common shares for the year. Weighted average number of common shares