ACCOUNTING FOR SHARES Kress Products’ corporate charter authorizes the firm to sell 800,000 shares of

$10 par common stock. At the beginning of 2009, Kress had sold 243,000 shares and had reacquired 1,650 of those shares. The reacquired shares were held as treasury stock.

During 2009 Kress sold an additional 16,300 shares and purchased 3,100 more treasury shares.

Required:

Determine the number of authorized, issued, and outstanding shares at December 31, 2009.

Exercise