1. On January 1, 2018, Martin Corp. had 300,000 shares of common stock outstanding. During 2018, it had the following transactions that affected the common stock account.

(4 Marks)

February 1	Issued 120,000 Shares
April 1	Issued a 10% stock dividend
May 1	Acquired 100,000 share of treasury stock
June 1	Issued a 2-for-1 stock split
October 1	Reissued 60,000 shares of treasury stock

Determine the weighted-average number of shares outstanding as of December 31, 2018.

Solution