Kiwi Charter Corp. reported $1,445,710 of profit for 2023. On November 2, 2023, it declared and paid the annual preferred dividends of $155,000. On January 1, 2023, Kiwi had 80,000 and 240,000 outstanding preferred and common shares, respectively. The following transactions changed the number of shares outstanding during the year:

a. What is the amount of profit available for distribution to the common shareholders?

b. What is the weighted-average number of common shares for the year?

c. What is the earnings per share for the year?

Analysis Component:
Did the sale of preferred shares on May 1, 2023, affect the basic earnings per common share?

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Feb. 1 Declared and issued a 20% common share dividend. Apr. 30 Sold 135,000 common shares for cash. May 1 Sold 50,000 preferred shares for cash. 31 Sold 30,000 common shares for cash. Oct.