Accounting for Common Stock Tranquil Corporation has a total of 400,000 shares of $6 par value common stock authorized. A total of 150,000 shares were issued on January 1, 1998, for $23 per share. In October 1999 the company repurchased 7,000 shares of common stock at $42 per share. During June 2000, a total of 3,000 shares of the treasury stock were sold for $48 per share. Tranquil reported net income of $628,000 for 2000 and paid a dividend of $3 per share during December 2000. The retained earnings balance at January 1, 2000, was $580,000.

a. How many common shares were outstanding at December 31, 2000?

b. What was the total dollar amount of the dividend paid?