A corporate charter specifies that the company may sell up to 30 million shares of stock. The

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Question:

A corporate charter specifies that the company may sell up to 30 million shares of stock. The company sells 20 million shares to investors and later buys back 8.0 million shares. The number of authorized shares after these transactions are accounted for is:

a) 12 million shares.

b) 30 million shares.

c) 20 million shares.

d) 22 million shares.