Use the following information to answer the next 2 questions. Jet Corp. had the following stock transactions for the year 2016. Common stock, $5 par value number of shares Shares outstanding, Jan. 1 20,000 100% stock dividend, April 1 20,000 shares sold, July 1 10,000 Treasury shares purchased, September 1 6,000 Preferred stock, outstanding, Jan. 1 4,000 1. What number of shares will Jet use in computing basic earnings per share? a. 43,000 b. 37,000 C. 60,000 d. 48,000 2. How many shares of common stock are outstanding at year-end? a. 50,000 b. 56,000 c. 60,000 d. 44,000