Problem 1 (20 marks) Traditional Bathrooms Inc. (TBI) had 80,000 ordinary shares outstanding on January 1, 2017. Transactions throughout 2017 affecting its shareholdings follow. February 1: TBI issued 200,000, $10, cumulative 10% preferred shares. March 1: TBI issued 40,000 ordinary shares April 1: TBI declared and issued a 8% stock dividend on the ordinary shares. July 1: TBI repurchased and cancelled 30,000 ordinary shares October 1: TBI declared and issued a 3-for-l stock split on the ordinary shares. December 31: TBI declared $99,600 in dividends on the ordinary shares. Net income for the year ended December 31, 2017 was $600,000. Its tax rate was 40%. Required: a. What was weighted average number of ordinary shares outstanding in 2017? (10 marks) b. What was basic EPS in 2017? (10 marks)