Hamm Co. is authorized to sell 400,000 shares of common stock. On January 1, Hamm Co. issues 10,000 shares of common stock. On February 1, Hamm Co. buys 6,000 shares of its common stock as treasury stock. On March 1, Hamm Co. sells all 6,000 of its treasury shares. On April 1, Hamm Co. repurchases 2,000 shares of common stock as treasury stock. Assuming there are no other stock transactions, how many shares are issued and outstanding on May 1?

• A. 18,000 issued; 16,000 outstanding
• B. 10,000 issued; 8,000 outstanding
• C. 18,000 issued; 12,000 outstanding
• D. 400,000 issued, 10,000 outstanding