The equity section from the December 31, 2014 and 2015, balance sheets of Westburne Corporation appeared as follows:

The following transactions occurred during 2015 (assume the retirements were the first ever recorded by Westburne):

Required
1. How many shares were outstanding on each of the cash dividend dates?
2. How much net income did the company earn during2015?

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2015 2014 Contributed capital: Common shares, 50,000 shares authorized; 22,200 and d and outstanding ding, respectively$486,920 $392,000 560,000 448,000 Jan. 5 A $1.40 per share cash dividend was declared, and the date of record was five days later. 1,500 common shares were repurchased and retired at $19.60 per share. A $1.40 per share cash dividend was declared, and the date of record was five days later. A $1.40 per share cash dividend was declared, and the date of record was five days later. A 20% share dividend was declared when the market value was $33.60 per share The share dividend was issued. A $1.40 per share cash dividend was declared, and the date of record was five days later. Mar. Apr. 20 5 5 31 14 July Aug. Oct. 5