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How calculate the profit available to common shareholders

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Reference no: EM132611714

Pina Colada Limited reported profit of $493,670 for its November 30, 2021, year end. Cash dividends of $82,000 on the common shares and $66,900 on the noncumulative preferred shares were declared and paid during the year.

The following information is available regarding Pina Colada's common shares:

Dec. 1, 2020

The opening number of common shares was 67,000.

Feb. 28, 2021

Sold 8,600 common shares for $172,000 cash.

May 31, 2021

Reacquired 4,300 common shares for $77,400 cash.

Nov. 1, 2021

Issued 12,900 common shares in exchange for land with a fair value of $250,000.

Question 1: Calculate the profit available to common shareholders.

Question 2: Calculate the weighted average number of common shares for the year.

Question 3: Calculate earnings per share for the year.

Reference no: EM132611714

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