4. (3 Points)

The corporate charter of Fly Away Corporation allows the issuance of a maximum of 1,000,000 shares of

$1 par value common stock. During its first three years of operation, Fly Away issued 550,000 shares at $15 per share. It later acquired 10,000 of these sharers as treasury stock for $19 per shares.

Instructions

Based on the above information, answer the following questions:

1. How many shares were authorized?

2. How many shares were issued?

How many shares are outstanding?