Procter & Gamble is a $38 billion company that sells products that are part of most of our daily lives, including Mr. Clean, Cheer, Crest, Vicks, Scope, Pringles, Folgers, Vidal Sassoon, Zest, and Charmin.
The annual report for P&G contained the following information:
a. Retained earnings at the end of 2005 totaled $31,004 million.
b. Net income for 2006 was $8,684 million.
c. Par value of the stock is $1 per share.
d. Cash dividends declared in 2006 were $1.15 per share.
e. The Common Stock, Par Value account totaled $3,976 million at the end of 2006 and $2,977 at the end of 2005.

Required:
1. Estimate the number of shares outstanding at the end of 2006.
2. Estimate the amount of retained earnings at the end of 2006.