E11-2 (Algo) Computing Number of Shares LO11-1, 11-3

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The charter of Vista West Corporation specifies that it is authorized to issue 208,000 shares of common stock. Since the company was incorporated, it has sold a total of 158,000 shares (at $16 per share) to the public. It has bought back a total of 10,000. The par value of the stock is $4. When the stock was bought back from the public, the market price was $28.

E11-2 Part 1

Required:

1. Determine the authorized shares.