Bodley Corporation has been authorized to issue 23,200 shares of $100 par value, 10%, noncumulative preferred stock and 1,076,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. At December 31, 2010, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $160,300 Paid-in Capital in Excess of Par Value-Preferred Stock 20,810 Common Stock 2,144,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,709,500 Treasury Stock-Common (5,670 shares) 85,050 Retained Earnings 83,900 The preferred stock was issued for $181,110 cash. All common stock issued was for cash. In November 5,670 shares of common stock were purchased for the treasury at a per share cost of $15. No dividends were declared in 2010. BODLEY CORPORATION Partial Balance Sheet December 31, 2010 Stockholders equity Paid-in capital Capital stock 10% Preferred stock, $100 par value, noncumulative, 23200 shares authorized, 1603 shares issued and outstanding $ 160300 Common stock, no par, $5 stated value 1076000 shares authorized, 428800 shares issued, and _????_______ shares outstanding 2144000 Total capital stock $ 2304300 Additional paid-in capital In excess of par value-preferred stock 20810 In excess of stated value-common stock 1709500 Total additional paid-in capital 1730310 Total paid-in capital 4034610 Retained earnings 83900 Total paid-in capital and retained earnings 4118510 Less: Treasury stock ( 5670 common shares) -85050 Total Stockholders Equity $ 4033460 How do you find the shares outstanding here? Is it true that

Shares Outstanding = Shares Issued - Shares in Treasury So for this case, Shares Outstanding = 428800 - 5670 Shares Outstanding = 423130 ???? Is this the correct value????