Authorized and available shares.Aspin Corporation's charter authorices issuance of 2,000,000 shares of common stock.Currently, 1,400,000 shares are outstanding and 100,000 shares are being held as treasury stock.The firm wishes to raise $48,000,000 for a plant expansion.The sale of new common stock will net the firm $60 per share.

1. What is the maximum number of new shares of common stock the firm can sell without receiving further authorization from shareholders?
2. Based on the data given and your finding in a, will the firm be able to raise the needed funds without receiving further authorization?
3. What must the firm do to obtain authorization to issue more than the number of share found in a?