The following information pertains to Jet Corp.'s outstanding stock for Year 2: Common stock, $5 par value | | Shares outstanding, 1/1/Year 2 | 20,000 | 2-for-1 stock split, 4/1/Year 2 | 20,000 | Shares issued, 7/1/Year 2 | 10,000 | Preferred stock, $10 par value, 5% cumulative | | Shares outstanding, 1/1/Year 2 | 4,000 |
What are the number of shares Jet should use to calculate Year 2 earnings per share?
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a. | 45,000 | |
b. | 54,000 | |
c. | 50,000 | |
d. | 40,000 |
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