Problem
On January 1, 2018, Wilke Corp. had 480,000 shares of common stock outstanding. During 2018, it had the following transactions that affected the Common Stock account.
February 1Issued 120,000 shares
March 1Issued a 10% stock dividend
May 1Acquired 100,000 shares of treasury stock
June 1Issued a 3-for-1 stock split
October 1Reissued 60,000 shares of treasury stock
a. Determine the weighted-average number of shares outstanding as of December 31, 2018.