Kiwi Charter Corp. reported $1,612,530 of net income for 2014. On November 2, 2014, it declared and paid the annual preferred dividends of $234,000. On January 1, 2014, Kiwi had 80,000 and 270,000 outstanding preferred and common shares, respectively. The following transactions changed the number of shares outstanding during the year:
a. What is the amount of net income available for distribution to the common shareholders? b. What is the weighted-average number of common shares for the year? c. What is the earning per share for the year? Analysis Component: Did the sale of preferred shares on May 1, 2014, affect the basic earnings per commonshare?