USE THE FOLLOWING INFORMATION FOR QUESTIONS 20-22.Lоs Pоllоs Hermаnos is а December 31 yeаr-end company that reported $460,000 in net income in 2021 and faced a tax rate of 35%. The company has 20,000 shares of preferred stock ($100 par value). Each share of preferred stock can be converted into 3 shares of common stock. In 2021, the company declared and paid a cash dividend of $0.50 per share on its preferred stock. The company also has 3,000 bonds ($1,000 face value each) with a stated rate of 5% that were issued at par. Each bond is convertible into 20 shares of common stock and pays annual interest on December 31.Additionally, the company had the following common stock transactions during 2021:On January 1, 100,000 shares were outstanding.On May 1, the company issued an additional 100,000 shares.On July 1, the company repurchased 40,000 shares as treasury stock.On November 1, the company reissued 20,000 shares of treasury stock.Part A. What is the weighted-average number of common shares outstanding for Los Pollos Hermanos in 2021?
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