Question - Harper Company was authorized to issue 100,000 of $12 par value common shares of stock. During their first year of operations 80,000 shares were issued. Harper Company then repurchased 20,000 shares as treasury shares and subsequently re-issued 7,000 treasury shares. As of the end of the year: (1) how many shares of stock are authorized?; (2) how many shares of stock are issued?; (3) how many shares of stock are outstanding?