Itsy-Bitsy Companys common stock was trading wildly in 2021, with the company frequently issuing new shares, among other transactions. These were the 2021 common stock transactions:

1. On January 1, there were 240,000 shares outstanding.

'2. March 1: The company issued 72,000 new shares.

3. June 1: 84,000 new shares were issued

4. July 1: Because the market price of the stock was rising significantly, the company issued a 2:1 stock split.

5. August 1: The company issued 120,000 new shares

6. October 1: An additional 60,000 shares were issued

7. November 15: The company declared and issued a 15% stock dividend

8. December 1: 132,000 new shares were issued

a. Compute the weighted average number of common shares outstanding for 2021. Show ALL your computations.

b. Suppose that in February of 2022, before the financial statements for 2021 were published, the company declared and issued a 50% stock dividend. Explain if this transaction will have an effect on the 2021 average number of common shares.