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: 1/4/2021 Issued 20,000 Shares. 1/5/2021 Issued a 25% stock dividend. 1/8/2021 1: Acquired 150,000 share of treasury stock. 1/11/2021 Issued a 3-for-l stock split. 1/12/2021 Reissued 80,000 shares of treasury stock. Instructions:

Determine the weighted-average number of shares outstanding as of December 31, 2021

. Assume the net income of the company is $5000,000 and the preferred dividends $100,000. Compute EPS.