Question 1- Calculation of Weighted Average Common StockOutstanding and Basic EPSSussex Corporation is preparing basic earnings per share for the year endedDecember 31,2021. Sussex has compiled the following information:The company is authorized to issue 8,000,000 shares of $10 par valuecommon stock. As of January 1,2021,2,400,000 shares of common stockhad been issued and were outstanding. The company is also authorized toissue 1,500,000 shares of 5%$100 par value cumulative preferred stock.As of January 1,2021,500,000 shares of cumulative preferred stock hadbeen issued and were outstanding.The net income for the year ended December 31,2021, was$16,550,000.The following specific stock activities took place during 2021:a. January 1- a 10% stock dividend was issuedb. February 1-400,000 shares of common stock were issued as aresult of the company's bondholders exercising conversion of theirconvertible bonds into common stock. The stock price at the timeof conversion was $25 a share. This is the only conversion thattook place in 2021.c. April 1-A 2-for-1 split of the common stock became effective onthis date.d. July 1-A total of 300,000 shares of common stock were issued toacquire a factory building.e. September1- A 5% common stock dividend was issued.f. October 1-A total of 39,000 shares of common stock werepurchased on the open market at $9 per share. These shares wereheld as treasury stock and were still in the treasury as ofDecember 31,2021.g. There was no share activity in 2021 for preferred stockCommon stock cash dividends-Cash dividends to commonstockholders were declared and paid on November 1 at $0.20 per share toowners of record as of that date.Preferred stock 2021 cash dividends were declared and paid onNovember 1^("st ") There was no dividend in arrears balance as of January 1,INSTRUCTIONS:Calculate Sussex's Weighted average common stock outstanding and BasicEPS for the period ended December 31,2021. You must show all calculationsand all steps to arrive at your answers. If not, points will be deducted. (Can you answer using that excel format)