Presented below is information related to Starr Company. 1. Net Income [including a discontinued operations gain (net of tax) of $72,000] $234,500 2. Capital Structure a. Cumulative 5% preferred stock, $100 par, 6,100 shares issued and outstanding $610,000 b. $10 par common stock, 74,000 shares outstanding on January 1. On April 1, 40,000 shares were issued for cash. On October 1, 16,000 shares were purchased and retired. $1,000,000 c. On January 2 of the current year, Starr purchased Oslo Corporation. One of the terms of the purchase was that if Oslo net income for the following year is $243,000 or more, 50,000 additional shares would be issued to Oslo stockholders next year. Oslos net income for the current year was $2,600,000. 3. Other Information a. Average market price per share of common stock during entire year $30 b. Income tax rate Part 1 Compute weighted average shares outstanding.