Monty Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended August 31, 2020, and August 31, 2021. The income from operations for each year was $1,250,000 and $1,670,000, respectively. In both years, the company incurred a 6% interest expense on $3,180,000 of debt, an obligation that requires interest-only payments for 5 years. The company experienced a hurricane loss of $410,000 in its Sandy facility in September 2020, which was determined to be an unusual loss and was not included in the income from operations amount. The company uses a 40% effective tax rate for income taxes. The capital structure of Monty Corporation on September 1, 2019, consisted of 1,800,000 shares of common stock outstanding and 51,000 shares of $100 par value, 5%, cumulative preferred stock. There were no preferred dividends in arrears, and the company had not issued any convertible securities, options, or warrants. On December 1, 2019, Monty sold an additional 390,000 shares of the common stock at $33 per share. Monty distributed a 10% stock dividend on the common shares outstanding on January 1, 2020. On March 1, 2021, Monty was able to sell an additional 760,000 shares of the common stock at $35 per share. These were the only common stock transactions that occurred during the two fiscal years. (a) (b) * Your answer is incorrect. Determine the weighted-average number of shares that Monty Corporation would use in calculating earnings per share for the fiscal year ended: Weighted average number of shares (1) August 31, 2020 292500 (2) August 31, 2021 2570000