Problem 16-9 Marin Corporation is preparing the comparative financial statements to be included in the annual report to stockholders. Marin employs a fiscal year ending May 31 Income from operations before income taxes for Marin was $1,524,000 and $627,000, respectively, for fiscal years ended May 31, 2018 and 2017. Marin experienced a loss from discontinued operations of $364,000 on March 3, 2018. A 40% combined incom losses e tax rate pertains to any and all of Marin Corporation's profits, gains, and Marin's capital structure consists of preferred stock and common stock. The company has not issued any convertible securities or warrants and there are no stock options. outstanding Marin issued 42,800 shares of S100 par value, 6% cumulative preferred stock in 2014, All of this stock is outstanding, and no preferred ividends are in arrears. , 2016, Marin sold an additional 374,400 shares of the common stock There were 1,080,000 shares of $1 par common stock outstanding on June 1, 2016. On September 1 k dividend on the common shares outstanding on December 1, 2017. These were the only common stock transactions at $16 per share. Marin distributed a 20% stoc during the past 2 fiscal years. number of common shares that would be used in computing earnings per share on the current comparative income statement for: Weighted-average number of common shares (1) The year ended May 31, 2017 (2) The year ended May 31, 2018