Chapter 11, Problem 11.2E

Computing Number of Shares

The charter of Vista West Corporation specifies that it is authorized to issue 300,000 shares of common stock. Since the company was incorporated, it has sold a total of 160,000 shares (at $16 per share) to the public. It has bought back a total of 25,000. The par value of the stock is $3. When the stock was bought back from the public, the market price was $40.

Required:

1. 1. Determine the authorized shares.
2. 2. Determine the issued shares.
3. 3. Determine the outstanding shares.