Problem 1: calculate the weighted average shares outstanding (WASO).

On January 1, 2016, Canyon Corporation had 500,000 shares of common stock outstanding. On April 1, the corporation issued 100,000 new shares to raise additional capital. On August 1, the corporation declared and issued a 3-for-1 stock split. On November 1, the corporation purchased on the market 300,000 of its own outstanding shares and retired them.