At January 1, 20X2, Trotter, Inc. has the following outstanding: Common stock: 250,000 shares, exist0.50 par Preferred stock: 30,000 shares, 6%, exist50 par, cumulative, non-callable, and non-convertible Convertible bonds: exist4,000,000 (4,000 bonds @par value of exist1,000 per bond), 5%.each bond is convertible into 50 shares of the company's common stock. The conversion ratio is adjusted for common stock splits and common stock dividends. No bonds were converted during the year. During 20X2, Trotter had the following additional transactions: February 29: Repurchased 10,000 shares at exist22 per share March 31: Issued a 2-for-1 split on the common shares July 31: Sold 8,000 shares of treasury stock at exist12 per share Trotter reported net income for 20X2 ofexist2, 300,000. Trotter's tax rate is 35%. Calculate the weighted average number of common shares outstanding during 20X2 to be used for basic earnings per share. A table is included below to help you organize your answer: Final Answer: ____ At January 1, 20X2, Trotter, Inc. has the following outstanding: Common stock: 250,000 shares, exist0.50 par Preferred stock: 30,000 shares, 6%, exist50 par, cumulative, non-callable, and non-convertible Convertible bonds: exist4,000,000 (4,000 bonds @par value of exist1,000 per bond), 5%.each bond is convertible into 50 shares of the company's common stock. The conversion ratio is adjusted for common stock splits and common stock dividends. No bonds were converted during the year. During 20X2, Trotter had the following additional transactions: February 29: Repurchased 10,000 shares at exist22 per share March 31: Issued a 2-for-1 split on the common shares July 31: Sold 8,000 shares of treasury stock at exist12 per share Trotter reported net income for 20X2 ofexist2, 300,000. Trotter's tax rate is 35%. Calculate the weighted average number of common shares outstanding during 20X2 to be used for basic earnings per share. A table is included below to help you organize your answer: Final Answer: ____