9. Harvey Corporation shows the following in the shareholders' equity section of its statement of financial position: The stated value of its common shares is $0.25 and the total balance in the common shares account is $50,000. Also noted is that 15,000 shares are currently designated as being repurchased but not yet cancelled. The number of shares outstanding is:

A. 215,000

B. 200,000

C. 196,250

D. 185,000

10. Authorized shares represent the:

A. Number of shares that have been sold.

B. Number of shares that are currently held by shareholders.

C. Number of shares that have been repurchased by the corporation.

D. Maximum number of shares that can be issued.