Reference no: EM132746337

The stockholders' equity section of Novak Corp. balance sheet at December 31 is presented here:

NOVAK CORP.

Balance Sheet (partial)

Stockholders' equity

Paid-in capital

Preferred stock, cumulative, 20,000 shares authorized,

8,000 shares issued and outstanding $800,000

Common stock, no par, 760,000 shares authorized,

680,000 shares issued 6,800,000

Total paid-in capital 7,600,000

Retained earnings1,410,000

Total paid-in capital and retained earnings9,010,000

Less: Treasury stock (12,000 common shares)41,000

Total stockholders' equity$8,969,000

Problem 1: How many shares of common stock are outstanding?