The charter of Pelenova, Inc. states that it may issue up to one million shares of common stock. Over the life of the company, 255,000 shares have been sold to investors. Total profits over the life of the company have been $876,000, and exactly one-half of that amount has been paid out in dividends. As of today’s balance sheet date, the company holds 13,000 shares that have been bought back from shareholders.
a. What is the number of authorized shares?
b. What is the number of issued shares?
c. What is the number of outstanding shares?