Presented below is information related to Sunland Company. 1. Net Income [including a discontinued operations gain (net of tax) of $99,000] $290,000 2 Capital Structure a. Cumulative 5% preferred stock, $100 par, 6,400 shares issued and outstanding $640,000 b. $10 par common stock, 74,000 shares outstanding on January 1. On April 1, 40,000 share vere issued for cash. On October 1, 16,000 shares were purchased and retired. $1,000,000 C On January 2 of the current year, Sunland purchased Oslo Corporation. One of the terms of the purchase was that if Oslo net income for the following year is $242,000 or more, 50,000 additional shares would be issued to Oslo stockholders next year. Oslo's net income for the current year was $2,600,000. 3. Other Information (a1) a. Average market price per share of common stock during entire year b. Income tax rate Compute weighted average shares outstanding Weighted average shares outstanding $30 30%