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Calculate the income available for the common shareholders

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Question - Chinook Corporation started the year ended November 30, 2021, with 180,000 common shares and no preferred shares issued. The following changes in share capital occurred during the year:

Feb. 28 Issued 45,000 common shares for $775,000.

Sept. 4 Issued 60,000 $1 cumulative preferred shares for $1.5 million.

Nov. 1 Issued 18,000 common shares in exchange for land. The shares were trading for $20 on this date and the fair value of the land was $345,000.

Nov. 30 Reported net income of $963,750.

Nov. 30 Declared the quarterly cash dividend to the preferred shareholders of record on December 14, payable on December 31.

Required - Calculate the income available for the common shareholders.

Reference no: EM132921683

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