Common stock without par value, 5,000,000 shares authorized, 860,000 shares issued, and 670,000 shares outstanding$2,700,000

1. Calculate the average price at which the shares were issued.
2. If these shares had been assigned a stated value of $1 each, show how the caption here would be different.
3. If a cash dividend of $0.20 per share were declared, calculate the total amount of cash that would be paid to stockholders.
4. What accounts for the difference between issued shares and outstanding shares?