40. CPA-08604 Based on the stock transactions below, what is the weighted average number of shares outstanding as of December 31, Year 1, which should be used in the calculation of basic earnings per share in financial statements issued on March 1, Year 2? % Transactions January 1, Year1 Beginning balance 100,000 April 1, Year 1 Issued 30,000 shares for cash June 1, Year1 50% stock dividend February 15, Year 2 2-for-1 stock split March 15, Year 2 Issued 40,000 shares for cash a. $147,500 b. $183,750 c. $295,000 d. $367,500