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Question - 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 ($1 par value) $74,000
Additional paid-in capital 24,000
Retained earnings 44,000
Common equity $142,000
Treasury stock (1,000 shares) 18,000
Net common equity $124,000
a. How many shares are issued?
b. How many shares are outstanding?
c. How many more shares can be issued without the approval of shareholders?
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