Cramer Corp., issued 10,000 shares of common stock. Of these 5,000 were held as treasury stock at December 31, 2019. During 2020, transactions involving Cramers common stock were as follows:

March 30 1,000 shares of treasury stock were sold

June 8 10,000 shares of previously unissued stock were sold

October 1 A 2-for-1 stock split took effect

Laws in Cramers state of incorporation protect treasury stock from dilution. At December 31, 2020, how many shares of Cramers common stock were issued and outstanding?

Shares

Issued Outstanding

a. 220,000 212,000

b. 220,000 216,000

c. 222,000 214,000

d. 222,000 216,000