2. Weighted average shares outstanding. On January 1, 2018, Patrick Corporation had 1,100,000 shares of common stock outstanding. On March 1, the corporation issued 175,000 new shares to raise additional capital. On July 1, the corporation declared and issued a 2-for-1 sfock split. On October 1, the corporation purchased on the market 600,000 of its own outstanding shares and retired them. Instructions Compute the weighted average number of shares to be used in computing earnings per share for 2018. 3. Determine the price of a $300,000 bond issue under each of the following three independent assumptions: + Effective (or Market) Interest Rate Stated Interest Rate 7% Assumption Maturity Interest Paid 10 years 10 years annually semiannually semiannually 1 12% 2 8% 12% 12% 20 years 10%