Reference no: EM132610378
Question - Salmon Limited reported profit of $465,325 for its November 30, 2021, year end. Cash dividends of $90,000 on the common shares and $65,000 on the noncumulative preferred shares were declared and paid during the year. The following information is available regarding Salmon's common shares:
Calculate earnings per share.
Dec. 1, 2020 The opening number of common shares was 60,000.
Feb. 28, 2021 Sold 10,000 common shares for $200,000 cash.
May 31, 2021 Reacquired 5,000 common shares for $90,000 cash.
Nov. 1, 2021 Issued 15,000 common shares in exchange for land with a fair value of $310,000.
Instructions -
a. Calculate the profit available to common shareholders.
b. Calculate the weighted average number of common shares for the year.
c. Calculate earnings per share for the year.
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