P Salmon Limited reported profit of $465,325 for its November 30, 2024, year end. Cash dividends of $90,000 on the common shares and $65,000 on the noncumulative preferred shares were declared and paid during the year. The following information is available regarding Salmon’s common shares: 

Dec. 1, 2023 The opening number of common shares was 60,000. 

Feb. 28, 2024 Sold 10,000 common shares for $200,000 cash. 

May 31, 2024 Reacquired 5,000 common shares for $90,000 cash. 

Nov. 1, 2024 Issued 15,000 common shares in exchange for land with a fair value of $310,000. 

Instructions 

a. Calculate the profit available to common shareholders. 

b. Calculate the weighted average number of common shares for the year. 

c. Calculate earnings per share for the year.