Duffy Dog Corporation started the year ended November 30, 2021, with 197,000 common shares and...
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Accounting
Duffy Dog Corporation started the year ended November 30, 2021, with 197,000 common shares and no preferred shares issued. The following changes in share capital occurred during the year:
| Feb. | 28 | Issued 46,320 common shares for $852,000. | ||
| Sept. | 4 | Issued 61,200 $1 cumulative preferred shares for $15.3 million. | ||
| Nov. | 1 | Issued 19,200 common shares in exchange for land. The shares were trading for $19 on this date and the fair value of the land was $351,000. | ||
| 30 | Reported net income of $1,058,300. | |||
| 30 | Declared the quarterly cash dividend to the preferred shareholders of record on December 14, payable on December 31. |
Calculate the income available for the common shareholders.
| Income available to common shareholders |
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