Reference no: EM133067794
Question - Martinez Limited reported profit of $446,040 for its November 30, 2021, year end. Cash dividends of $87,000 on the common shares and $63,300 on the noncumulative preferred shares were declared and paid during the year. The following information is available regarding Martinez's common shares:
Dec. 1, 2020 The opening number of common shares was 65,500.
Feb. 28, 2021 Sold 9,200 common shares for $193,200 cash.
May 31, 2021 Reacquired 4,600 common shares for $87,400 cash.
Nov. 1, 2021 Issued 13,800 common shares in exchange for land with a fair value of $250,000.
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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