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On 1 January 20X9, Clinard Limited had 70,000 ordinary shares issued. On 1 April 20X9, Clinard issued 20,000 ordinary shares in exchange for land. On

On 1 January 20X9, Clinard Limited had 70,000 ordinary shares issued. On 1 April 20X9, Clinard issued 20,000 ordinary shares in exchange for land. On 1 September 20X9, Clinard bought back 5,000 ordinary shares. No other transactions regarding ordinary shares occurred in 20X9. The denominator to be used in the earnings per share calculation is:

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