The authorized share capital of the Alfred Cake Company is 100,000 shares. The equity is currently shown in the company’s books as follows:
Common stock ($2 par value) $ 70,000
Additional paid-in capital 20,000
Retained earnings 40,000
Common equity $ 130,000
Treasury stock (5,000 shares) 14,000
Net common equity $ 116,000
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 _________