Authorized and available shares$$Aspin$$ Corporation's charter authorizes issuance of $2$ comma $700$ comma $000$ shares of common stock.$$ Currently, $1$ comma $400$ comma $000$ shares are$$ outstanding, and $400$ comma $000$ shares are being held as treasury stock. The firm wishes to raise $ $112$ comma $000$ comma $000$ for a plant expansion. Discussions with its investment bankers indicate that the sale of new common stock will net the firm $$$$70$ 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$?$

Question content area bottom

Part $1$

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