The following information is related to Tobey Corporation for 2020: Net Income: $2,500,000 Common Stock Activities 1/1/20: 700,000 common shares outstanding 3/1/20: Purchased 60,000 treasury shares 7/1/20: 3-for-1 stock split 11/1/20: 120,000 new shares issued for cash 8% Cumulative Preferred Stock 10,000 shares at $100 par Required a. Compute weighted average common shares outstanding (WACSO) for 2020. b. Compute basic earnings per share for 2020. (Round to no fewer than four decimal places.)