Question 1 Assume that the following data relative to Kane Company for 2018 is available: Net Income $2,870,000 Transactions in Common Shares Jan. 1, 2018, Beginning number Mar. 1, 2018, Purchase of treasury shares June 1, 2018, Stock split 2-1 Nov , 2018, issuance of shares Change Cumulative 680,000 (56,400) 623,600 623,600 1,247,200 210,000 1,457,200 6% Cumulative Convertible Preferred Stock Sold at par, convertible into 200,000 shares of common (adjusted for solit) $1,000,000 Stock Options Exercisable at the option price of $25 per share. Average market price in 2018, $30 (market price and option price adjusted for split). 81,000 shares Compute weighted average shares outstanding for 2018. Weighted average shares outstanding