Problem - Presented below is information related to Starr Company.
1. Net Income [including a discontinued operations gain (net of tax) of $75,000]$356,0002.Capital Structurea. Cumulative 5% preferred stock, $100 par, 6,100 shares issued and outstanding$610,000b.$10 par common stock, 74,000 shares outstanding on January 1. On April 1, 40,000 shares were issued for cash. On October 1, 16,000 shares were purchased and retired. $1,000,000c.On January 2 of the current year, Starr purchased Oslo Corporation. One of the terms of the purchase was that if Oslo net income for the following year is $236,000 or more, 60,000 additional shares would be issued to Oslo stockholders next year. Oslo's net income for the current year was $2,600,000.3. Other Informationa. Average market price per share of common stock during entire year$30b.Income tax rate 30%
Compute weighted average shares outstanding.