Balance Sheet
The account balances for Bennet Corporation at December 31, 2016, are given below:
Cash and Cash Equivalents		$305,000
Land		375,000
Equipment		120,000
Accumulated Depreciation - Equipment		40,000
Investment in Stock		50,000
Investment in Treasury Bills		5,000
Building		330,000
Accumulated Depreciation - Bldg.		-30000
Notes Payable		170,000
Bonds Payable		200,000
Common stock ($10 par)		300,000
Preferred stock		50,000
Retained Earnings		298,930
Additional Paid in Capital Common		120,000
Accounts Receivable, net		104,000
Accrued Expenses		13,000
Inventories		173,430
Prepaid Expenses		20,000
Dividends payable		22,000
Selling expenses		51,000
Administrative expenses		27,000
Cost of Goods Sold		58,000
Interest expense		14,500
		sales 389,000 question below: i. Bennet is authorized to issue 100,000 shares of its common stock and 50,000 shares of preferred stock. The preferred stock was issued at par. There have been no additional issuances of stock since the company began operations, so the number of shares issued equals the number of shares outstanding. (Hint: Use the common stock, par value and additional paid in capital common accounts to solve for the number of common shares issued/outstanding). Please assume that the Preferred Stock has a $5 par value