On January $1,$ Lunn Ltd$.\text{'}$s equity was as follows: common shares, unlimited shares authorized, and $35,000$ shares issued and outstanding. Prepare journal entries to record the following transactions: On January $1,$ Lunn Ltd$.\text{'}$s equity was as follows: common shares, unlimited shares authorized, and $35,000$ shares issued and outstanding. Prepare journal entries to record the following transactions:Question one

On January $1,20$xx Sussex Ltd$.$ had $360,000$ common shares issued and

outstanding. During $20$xx the following transactions occurred:

Mar$1$ issued $157,500$ common shares

Apr $30$ issued $5\%$ stock dividend.

May $31$ issued a $3$ for $1$ stock split.

July $31$ Acquired $40,000$ common shares.

Sept $30$ Issued $50,000$ common shares.

In addition to common shares Sussex had $40,000$ of $8\%,$$$100$ par, cumulative

preferred shares outstanding for the whole year. No dividends were declared

during the year. Net income for the year was $$2,250,000.$

Required:

Calculate the earnings per share for the year.