The following information pertains to Obama Company's outstanding stock for the yearjust ended: Common stock, $5 par value: 16 Shares outstanding, 1/1 2-for-1 stock split, 4/1 Shares issued, 7/1 Preferred stock, $10 par value, 5% cumulative: Shares outstanding, 1/1 How many shares should Obama use to calculate basic earnings per share? 20,000 20,000 10,000 0059:59 4,000 Multiple Choice 45,000 50,000 40,000 54,000