On January 1, 2021, Pharoah Corp. had 491,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account.
February 1
Issued 116,000 shares
March 1
Issued a 10% stock dividend
May 1
Acquired 96,000 shares of treasury stock
June 1
Issued a 3-for-1 stock split
October 1
Reissued 59,000 shares of treasury stock
Determine the weighted-average number of shares outstanding as of December 31, 2021.
The weighted-average number of shares outstanding
enter the weighted-average number of shares outstanding as of December 31, 2018