Comprehensive

The shareholders' equity section of Superior Corporation's balance sheet as of December 31, 2012, is as follows:

Shareholders Equity

Preferred stock, $100 par value; authorized, 300,000 shares; issued, 30,000 shares

$3,000,000

Common stock, $5 par value; authorized, 2,000,000 shares; issued, 400,000 shares

2,000,000

Paid-in capital in excess of parpreferred

90,000

Paid-in capital in excess of parcommon

850,000

Retained earnings

4,000,000

The following events occurred during 2013:

Jan. 5

50,000 shares of authorized and unissued common stock were sold for $8 per share.

Jan. 16

50,000 shares of authorized and unissued preferred stock were sold for $106 per share.

April 1

40,000 shares of common stock were repurchased for the treasury at a price of $15 per share. Superior uses the cost method to account for treasury stock.

Sept. 1

5,000 shares of preferred stock are issued in exchange for a piece of land. The land has an appraised value of $537,000. The preferred stock currently trades on the New York Stock exchange at a price of $106 per share.

Dec. 1

20,000 shares of treasury stock are reissued at a price of $20 per share

2. Calculate the number of authorized, issued, and outstanding common shares as of December 31, 2013.

Authorized common shares:	shares
Issued shares:	shares
Outstanding shares:	shares

$9,940,000