On January 1, 2021. Novak Corp, had 480,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account. February 1 March 1 May 1 Issued 117,000 shares Issued a 10% stock dividend Acquired 101,000 shares of treasury stock Issued a 3-for-1 stock split Reissued 62,000 shares of treasury stock June 1 October 1 (a) Your answer is correct Determine the weighted average number of shares outstanding as of December 31, 2021. The weighted average number of shares outstanding 1.751425 x Your answer is incorrect. Assume that Novak Corp.earned net income of $3,500,000 during 2021. In addition, it had 96,000 shares of 9%, $100 par nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and pay a preferred dividend in 2021. Compute earnings per share for 2021. using the weighted average number of shares determined in part (a), (Round answer to 2 decimal places, es $2.55) Earnings Per Share $ 151