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?

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Feb. Apr. May Oct. 1 30 1 31 Declared and issued a 10% common share dividend. Sold 180,000 common shares for cash. Sold 50,000 preferred shares for cash. Sold 99,000 common shares for cash.