Blue Bay Logistics Ltd.'s shareholders' equity accounts were as follows at the beginning of the current fiscal year, April 1, 2009:
$6-cumulative preferred shares (20,000 shares issued) $1,800,000
Common shares (500,000 shares issued) 3,750,000
Contributed capital-reacquisition of common shares 50,000
Retained earnings 1,500,000
Total shareholders' equity $7,100,000
During the year, the following selected transactions occurred:
June 1 Reacquired 22,800 common shares for $9 per share.
July 1 Issued 52,000 common shares for $10 per share.
Feb. 28 Declared the annual preferred dividend to shareholders of record on March 12, payable on April 1.
Mar. 31 Net earnings for the year ended March 31, 2009, were $1,021,350.
Calculate the weighted average number of common shares for the year.