EQUITY ACCOUNTING - EXERCISES The following partial information is taken from the comparative balance sheet of Levi Corporation: 12/31/2017 Shareholders' equity million shares Common stock, $5 par: 20 million shares authorized:_ issued and shares outstanding at 12/31/2017. $45 million 405 million Additional paid-in capital on common stock Retained earings 157 million Treasury common stock, at cost, 4 million shares at 12/31/2017 (50 million) Total shareholders' equity $557 million 1. How many of Levi's common shares were outstanding on 12/31/2017? a. 14 million b. 9 million c. 5 million d. None of the above 2. How many of Levi's common shares were issued on 12/31/2017? a. 14 million b. 9 million C. 5 million d. None of the above 3. What was capital in excess of par per share during 2017? a. $45 per share b. $40 per share c. $46 per share d. None of the above