Calculating EPS: Simple Capital Structure Select Corporation was incorporated on January 2. The following information pertains to Select Corporation's common stock transactions. Jan. 2 Number of shares authorized Jan. 2 Number of shares issued 250,000 85,000 Jul. 1 Number of shares reacquired but not canceled 5,000 Sept. 1 Two-for-one stock split Dec. 1 Reissued shares of treasury stock 5,000 Required a. Determine the weighted-average number of shares of common stock outstanding for the year. Note: Round amount to the nearest whole number. Number of shares 0 b. Compute basic earnings per share considering the following additional information: 1. Net income: $330,000 2. Preferred stock, 5%, cumulative, 5,000 shares outstanding, $10 par value per share 3. Preferred stock dividends declared during the year: $0 Note: Enter the earnings per share amount in dollars and cents, rounded to the nearest penny. Basic EPS $ Net Income Available to Weighted Avg. Common Common Stockholders Per Shares Outstanding Share 0 0 $ 0