Question: On Jan 1, 2021, Gulf Company had 700,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the common stock account: 1/4/20211/5/20211/8/20211/11/20211/12/20211:1:1:1:1:Issued20,000Shares.Issueda25%stockdividend.Acquired150,000shareoftreasurystock.Issueda3-for-1stocksplit.Reissued80,000sharesoftreasurystock. Instructions: 1. Determine the weighted-average number of shares outstanding as of December 31, 2021. 2. Assume the net income of the company is $5000,000 and the preferred dividends $100,000. Compute EPS