(10 points) Glenwood Corporation was incorporated on January 2, 2020. The following information pertains to Glenwood Corporations 2020 common stock transactions: Jan. 2 Number of shares authorized 750,000 Jan. 2 Number of shares issued 255,000 Jul. 1 Number of shares reacquired but not canceled 15,000 Sept. 1 Two-for-one stock split Dec. 1 Reissued shares of treasury stock 15,000 Required

a.Determine the weighted-average number of shares of Glenwood Corporations common stock outstanding. Round amount to the nearest whole number.

b. Compute earnings per share for 2020 considering the following additional information: Net income: $1,155,000 Preferred stock, 5%, cumulative, 15,000 shares, $10 par value per share Preferred dividends declared in 2020: $0