Reference no: EM132513919
Question - Bridgeport Limited reported profit of $437,700 for its November 30, 2021, year end. Cash dividends of $66,500 on the common shares and $61,100 on the noncumulative preferred shares were declared and paid during the year. The following information is available regarding Bridgeport's common shares:
Dec. 1, 2020 The opening number of common shares was 59,200.
Feb. 28, 2021 Sold 8,400 common shares for $151,200 cash.
May 31, 2021 Reacquired 4,200 common shares for $67,200 cash.
Nov. 1, 2021 Issued 12,600 common shares in exchange for land with a fair value of $290,000.
Required -
1. Calculate the profit available to common shareholders.
2. Calculate the weighted average number of common shares for the year.
3. Calculate earnings per share for the year.
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