Aspin$$ Corporation's charter authorizes issuance of $2,600,000$ shares of common stock.$$ Currently, $1$ comma $400,000$ shares are$$ outstanding, and $400,000$ shares are being held as treasury stock. The firm wishes to raise $ $51,000,000$ for a plant expansion. Discussions with its investment bankers indicate that the sale of new common stock will net the firm $$$$30$ per share.

a$.$What is the maximum number of shares of common stock that the firm can sell without receiving further authorization from$$ shareholders?

b$.$Judging by the data given and your finding in part a$,$ do you think the firm will be able to raise the needed funds without receiving further$$ authorization?

c$.$What must the firm do to obtain authorization to issue more than the number of shares found in part a$?$Authorized and available shares Aspin Corporation's charter authorizes issuance of $2,600,000$ shares of common

stock. Currently, $1,400,000$ shares are outstanding, and $400,000$ shares are being held as treasury stock. The firm

wishes to raise $$51,000,000$ for a plant expansion. Discussions with its investment bankers indicate that the sale of new

common stock will net the firm $$30$ per share.

a$.$ What is the maximum number of shares of common stock that the firm can sell without receiving further authorization

from shareholders?

b$.$ Judging by the data given and your finding in part a$,$ do you think the firm will be able to raise the needed funds

without receiving further authorization?

c$.$ What must the firm do to obtain authorization to issue more than the number of shares found in part a$?$