Hogan Limited had 32,000 common shares outstanding on January 1, 2020. . On March 1, 2020, Hogan issued 15,000 shares on exchange for equipment. On July 1 Hogan repurchased and cancelled 10,000 shares. On October 1, 2020, Hogan declared a 1-for-2 stock split.

Calculate the weighted average number of shares outstanding for Hogan for the year ended December 31, 2020. Round to the nearest