Refer to the information in E8-41B. How many shares of common stock will be classified as issued at December 31? How many shares of common stock will be classified as outstanding at December 31?
In E8-41B, August 1 Issued 75,000 shares of $0.05 par value common stock for cash of $750,000
November 1 Issued 2,500 shares of $100 par value preferred stock for cash at $160 per share
December 31 Purchased 5,000 shares of treasury stock (i.e., the company bought its own common stock in the stock market) for $11.00 per share