Sumner Industries began the year with 140,000 shares of common stock and 10,000 shares of 6%, $100 par value, cumulative, nonconvertible preferred stock. On April 1, it declared a 10% stock dividend on common shares. On June 1, it purchased 15.000 shares of treasury stock. On December 1, Sumner declared a 2 for 1 stock split. Net income for the year was $570.000. Compute weighted average shares of common stock for the year and basic EPS. Instructions: Write the EPS formula. Show all computations used in your solution.