Assume that the following data relative to Kane Company for 2018 is available: Net Income… 1 answer below »

Assume that the following data relative to Kane Company for 2018 is available:
Net Income
$2,830,000
Transactions in Common Shares
_A
Change Cumulative
Jan. 1, 2018, Beginning number Mat: 1, 2018, Purchase of treasury shares June 1, 2018, Stock split 2-1 Nov. 1, 2018, Issuance of shares
(69,600) 680,400 228,000
750,000 680,400 1,360,800 1,588,800
6% Cumulative Convertible Preferred Stock
Sold at pat; convertible into 210,000 shares of common (adjusted for split).
$1,050,000
Stock Option
Exercisable at the option price of $25 per share. Average market price in 2018, $30 (market price and option price adjusted for split).
84,000 shares
*(al ) Compute weighted average shares outstanding for 2018. Weighted average shares outstanding

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