Reference no: EM132483059

Edwards Enterprises reported the following information at December 31:

Preferred Stock, $5 par, 10,000 shares authorized $ 71,000

Additional paid-in capital - preferred stock 19,800

Common stock, $1par, 12,000 shares authorize 7,200

Additional paid-in capital - common stock 17,400

Retained earnings 34,000

Treasury stock, at cost of $4 per share (8,000)

Total $141,400

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

Option 1: 5,000

Option 2: 5,200

Option 3: 6,200

Option 4: 7,200

Option 5: 10,000