Accounting Question:

The corporate charter of Maine Yacht Corporation allows the issuance of a maximum of 3,000,000 shares of $1 par value common stock. During its first three years of operation, Maine issued 2,200,000 shares at $15 per share. It later acquired 30,000 of these shares as treasury stock for $25 per share. Instructions: Based on the above information, answer the following questions: a. How many shares was authorized? b. How many shares were issued? C. How many shares were outstanding? d. What is the balance of the common stock account? e. What is the balance of the treasury stock account