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Liberty Ventures Inc. reported $544,680 profit in 2020 and declared preferred dividends of $19,300. The...

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Accounting

Liberty Ventures Inc. reported $544,680 profit in 2020 and declared preferred dividends of $19,300. The following changes in common shares outstanding occurred during the year:

Jan. 1 180,000 common shares were outstanding.
June 30 Sold 40,000 common shares.
Sept. 1 Declared and issued a 20% common share dividend.
Nov. 2 Sold 6,000 common shares.

Calculate the weighted-average number of common shares outstanding during the year and earnings per share. (Round the "Earnings per share" answer to 2 decimal places.)

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