Problem 3- Shareholders Equity Presented below is information related to NewCo Corp shareholder transactions during 2018: 1. O n January 1, the company was formed, and was authorized to issue 175,000 shares of $1 par value common stock. On January 2, 84,000 shares were issued for $16 per share On March 31, NewCo issued a 1:3 reverse stock split On April 15, NewCo issued and distributed a 4% stock dividend, when the shares were valued at $16 per share On June 30, NewCo declared a cash dividend of $0.50, payable to the shareholders of record on July 15, to be paid on July 25. On August 2, the company purchases 855 shares of the common stock outstanding at $46 per share and retires the shares. 2. 3. 4, . 5. 6. ethe general ou e Instructions transaction by the date, and if no entry is required, write "No Entry." (b) How many shares were outstanding as of December 31, 2018