Assume that the following data relative to Kane Company for 2021 is available: Net Income Transactions in Common Shares Jan. 1, 2021, Beginning number of shares is 700,000 Mar. 1, 2021, Purchase 60,000 treasury shares June 1, 2021, Stock split 2-1 Nov. 1, 2021, Issuance 240,000 shares $2,100,000 Change Cumulative 700,000 (60,000) 640,000 640,000 1,280,000 240,000 1,520,000 6% Preferred Stock No dividend is declared in 2021 $1,000,000 (par value of P/S) Instructions (a) Compute the weighted average shares outstanding for 2021. (b) Compute the basic earnings per share for 2021 assuming the preferred stocks are cumulative. (c) Compute the basic earnings per share for 2021 assuming the preferred stocks are noncumulative