?

The following information pertains to Jet Corp.’s outstanding
stock for year 1:

Common stock, $5 par value

Shares outstanding, 1/1/Y1 20,000

2-for-1 stock split, 4/1/Y1 20,000

Shares issued, 7/1/Y1 10,000

Preferred stock, $10 par value, 5% cumulative

Shares outstanding, 1/1/Y1 4,000

What are the number of shares Jet should use to calculate year 1
basic earnings per share?