Problem 5 (16 marks) Assume Elridge Inc. had 400,000 common shares outstanding on January 1. It issued 50,000 shares on March 1 and retired 20,000 shares on October 1. There was a 2:1 share split on December 1. Assume NI= $750,000 and cumulative preferred dividends = $150,000 Calculate weighted average common shares outstanding using the table below Dates Restated Share Transaction Share Changes Shares Outstanding Fraction of the year Weighted average shares outstanding 1/1 3/1 10/1 12/1 Calculate EPS