Hiroole Corporation, a publicly traded company, started the year ended November with common shares and no
preferred shares issued. The following changes in share capital occurred during the year:
Feb. Issued common shares for $
Sept. Issued $ noncumulative preferred shares for $ million.
Nov. Issued common shares in exchange for land. The shares were trading for $ on this date and the fair
value of the land was $
Reported net income of $
Declared the quarterly cash dividend to the preferred shareholders of record on December payable on
December
a
Calculate the income available for the common shareholders.
Income available to common shareholders
$
