Authorized and available shares Aspin Corporation's charter authorizes issuance of 2,100,000 shares of common stock. Currently, 1,100,000 shares are outstanding, and 500,000 shares are being held as treasury stock. The firm wishes to raise $98,000,000 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 new 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? a. The maximum number of new shares of common stock that the firm can sell without receiving further authorization is shares. (Round to the nearest whole number.) b. Judging on the basis of the data given and your finding in part a, will the firm be able to raise the needed funds without receiving further authorization? (Select the best answer below.) XA. No, the firm will require an additional 500,000 authorized shares to raise the necessary funds. O B. No, the firm will require an additional 1,300,000 authorized shares to raise the necessary funds *C. No, the firm will require an additional 300,000 authorized shares to raise the necessary funds. OD. Yes, 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? (Select the best answer below.) O A. Aspin must amend its creditors to authorize the issuance of additional shares. O B. Aspin must amend its corporate charter to authorize the issuance of additional shares. O C. Aspin must get approval from the board of directors to authorize the issuance of additional shares. OD. Aspin can issue any number of additional shares without receiving further authorization