5. Calculating Basic EPS (30 points) Sumner Industries began the year with 140.000 shares of common stock and 10,000 shares so 6%, $100 par value, cumulative, nonconvertible preferred stock. On June 1, in purchased 15.000 shares of treasury stock. On December 1, Sumner declared a 2 for 1 stock split. Net income for the year was $570,000. Compute weighted average shares of common stock for the year and basic EPS. Actual Number of Shares Outstanding Retroactive Restatement for Stk. Div. or Split Equivalent Shares Outstanding % of Full Year Weighted Average Shares Outstanding Date