Blue Spruce Limited reported profit of $436,010 for its November 30, 2021, year end. Cash dividends of $64,200 on the common shares and $69,500 on the noncumulative preferred shares were declared and paid during the year. The following information is available regarding Blue Spruce's common shares:Dec. 1, 2020 The opening number of common shares was 54,200.Feb. 28, 2021 Sold 9,200 common shares for $165,600 cash.May 31, 2021 Reacquired 4,600 common shares for $73,600 cash.Nov. 1, 2021 Issued 13,800 common shares in exchange for land with a fair value of $370,000. Calculate the profit available to common shareholders.Profit available to common shareholders $enter the Profit available to common shareholders in dollars Calculate the weighted average number of common shares for the year.Weighted average number of shares enter the Weighted average number of shares Calculate earnings per share for the year. (Round answer to 2 decimal places, e.g. 52.76.)Earnings per share $enter Earnings per share in dollars rounded to 2 decimal places

Profit available to common share holders= Net profit- Preference dividend = 436010-69500 = 366510

Answered: Blue Spruce Limited reported profit of…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 26P

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Blue Spruce Limited reported profit of $436,010 for its November 30, 2021, year end. Cash dividends of $64,200 on the common shares and $69,500 on the noncumulative preferred shares were declared and paid during the year. The following information is available regarding Blue Spruce's common shares:

Dec. 1, 2020		The opening number of common shares was 54,200.
Feb. 28, 2021		Sold 9,200 common shares for $165,600 cash.
May 31, 2021		Reacquired 4,600 common shares for $73,600 cash.
Nov. 1, 2021		Issued 13,800 common shares in exchange for land with a fair value of $370,000.

Calculate the profit available to common shareholders.

Profit available to common shareholders

$enter the Profit available to common shareholders in dollars

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

Weighted average number of shares

enter the Weighted average number of shares

Calculate earnings per share for the year. (Round answer to 2 decimal places, e.g. 52.76.)

Earnings per share

$enter Earnings per share in dollars rounded to 2 decimal places

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