a) At January 1, 2022, Ingles Corp. had 5,000,000 shares of common stock issued and 789,000 shares held in treasury. On April 1, Ingles sells 293,000 of the shares from the treasury. On December 1, Ingles declares a 2-for-1 stock split. How many common shares are outstanding at December 31, 2022?

b) Ayton Company issued 50,000 shares of its $2.00 par value common stock having a fair value of $14.50 per share and 5,000 shares of its $50.00 par value preferred stock having a fair value of $55.00 per share for a lump sum of $960,000. The entry to record this transaction will include a credit to Paid-in-Capital in Excess of Par - Common for