Accounting for Shares}

Kress Products Ltd.'s corporate charter authorizes the firm to issue 800,000 no par common shares. At the beginning of 2018 , Kress issued 318,000 shares and had reacquired and cancelled 4,500 of those shares. During 2018, Kress issued an additional 24,350 shares and repurchased 8,200 more, which were cancelled.

\section*{Required:}

Determine the number of issued and outstanding shares at December 31, 2018.

\section*{OBJECTIVE (1) Exercise