Mangey Corp. had the following activity related to its common shares for the year ending December 31, 2023:

Shares outstanding, Jan 1 150,000

2-for-1 stock split, Apr 1 150,000

Shares issued, Jul 1 20,000

Shares repurchased, Oct 1 (50,000)

Shares issued, Dec 31* 10,000

Ending balance, Dec 31 280,000

Net Income $476,000

In addition, the company issued 3,000, $2, cumulative preferred shares for $300,000, however,

dividends were not declared during 2023.

Instructions

1. Calculate the weighted average number of shares.
2. Calculate basic EPS.