Carter Company began business on January 1, 2022 and immediately issued 500,000 shares of its $1 par value common stock for $12,500,000. At the end of the year, it paid $200,000 in cash dividends. In mid-year, the firm bought back some of its own shares. The company reports the following additional information at December 31, 2022:

1. How many shares of stock are in the treasury at the end of the year? Note that the answer to this question is a number of shares, it should not be shown in dollars.

Net income	$2,000,000
Retained earnings beginning of year	$0
Common shares authorized	5,000,000
Shares outstanding at year end	450,000