Reference no: EM13847094

On January 1, 2011, The JLF Company had

(i) 30,000 shares of $5 stated-value preferred stock authorized, issued and outstanding;

(ii) 100,000 shares of $12 par- value common stock issued; and

(iii) 10,000 shares of common stock in the treasury.

The MARKET value of the preferred stock was $10 for the entire year; the market value ofthe common stock was S8 for the entire year. On March 1 st, JLF distributed a 60% common stock dividend. On July JLF distributed a 3-for-l common stock split. On December 15th, one-third of the treasury stock was re-issued for cash.

How many shares of common stock does JLF have outstanding at December 31, 2011? Prepare a schedule to support your answer.