Camel Corp's contributed capital consisted of common shares and cumulative preferred shares. The CFO requested that...

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Camel Corp's contributed capital consisted of common shares and cumulative preferred shares. The CFO requested that the Finance Manager prepare the earnings per share disclosure for the bottom of the company's Income Statement. The manager gathered the following information and provided it to the Financial Reporting Department's accountant to make the calculations: Common Shares issued and outstanding, January 1, 2020 Preferred Shares, $3, cumulative, issued and outstanding, December 31, 2020 Profit for 2020 65,000 shares 26,300 shares $186,600 The Finance Manager also compiled the following transactions that affected Camel Corp's equity for the 2020 fiscal year: Feb. 1 Issued 5,000 common shares for cash. Mar 1 Repurchased and retired 2,000 shares. Oct. 1 Distributed a 10% share dividend. No cash dividends were declared or paid in the year. REQUIRED: 1. Calculate the weighted average number of common shares outstanding for Camel Corp. 2. Calculate Camel Corp's earnings per share for 2020. Round to the nearest cent (i.e. $2.34). Camel Corp's contributed capital consisted of common shares and cumulative preferred shares. The CFO requested that the Finance Manager prepare the earnings per share disclosure for the bottom of the company's Income Statement. The manager gathered the following information and provided it to the Financial Reporting Department's accountant to make the calculations: Common Shares issued and outstanding, January 1, 2020 Preferred Shares, $3, cumulative, issued and outstanding, December 31, 2020 Profit for 2020 65,000 shares 26,300 shares $186,600 The Finance Manager also compiled the following transactions that affected Camel Corp's equity for the 2020 fiscal year: Feb. 1 Issued 5,000 common shares for cash. Mar 1 Repurchased and retired 2,000 shares. Oct. 1 Distributed a 10% share dividend. No cash dividends were declared or paid in the year. REQUIRED: 1. Calculate the weighted average number of common shares outstanding for Camel Corp. 2. Calculate Camel Corp's earnings per share for 2020. Round to the nearest cent (i.e. $2.34).

Answer rating: 100% (QA)

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