Cordova Company began the year with 110,000 common shares outstanding. The firm issued an additional 72,000 shares on April 1 and 20,400 shares on November 1. In addition, Cordova implemented a 2-for-1 stock split on June 1. The firm's year- end is December 31. Requirement Determine the weighted average number of common shares outstanding for the year. Number of Shares Outstanding Weight by Number of Months Shares Are Outstanding Weighted-Average Shares Outstanding Date Event 1/1 Balance 4/1 New Issue Subtotal before the stock split 2-1 Stock Split Subtotal after the stock split 6/1 11/1 New Issue 12/31 Balance