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 Labonte Limited had 38,400 common shares outstanding on January 1, 2020

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 Labonte Limited had 38,400 common shares outstanding on January 1, 2020. On March 1, 2020, Labonte issued 21,600 shares in exchange for equipment. On July 1, Labonte repurchased and cancelled 9,600 shares. 
Calculate the weighted average number of shares outstanding for Labonte for the year ended December 31, 2020.