The authorized share capital of the Alfred Cake Company is 120,000 shares. The equity is currently shown in the company's books as follows:
common stock ($2 par value) $ 78,000
Additional paid-in capital 28,000
Retained earnigs 48,000
= $154,000
common equity $________
treasury stock (5,000 shares) 22,000
= 132,000
net common equity $_______
a. How many shares are issued?
Number of shares issued ______________
b. How many shares are outstanding?
Outstanding shares _____________
c. How many more shares can be issued without the approval of shareholders?
number of shares issued_____________