Assuming the preferred share dividends are one year in arrears, calculate the earnings per share it no preferred dividends are declared during the year. (Round answer to 2 decimal places, es, 52.75) Earnings per share 1.08 The shareholders' equity accounts of Sandhill Ltd. on April 1, 2020, the beginning of the fiscal year, are as follows: $7 cumulative preferred shares (21,000 issued) $1,680,000 Common shares (540,000 issued) 4,320,000 Retained earnings 1,600,000 Total shareholders' equity $7,600,000 During the year, the following transactions occurred: 2020 June 1 July 1 Sept. 30 2021 Jan. 31 Mar. 31 Reacquired 12,000 common shares for $9 per share. Issued 51.000 common shares for $10 per share. Reacquired 7,000 common shares for $9.50 per share. Issued 60,000 common shares in exchange for land. The land's fair value was $600,000 Profit for the year ended March 31, 2021, was $917,000