Jane Corp is authorized to issue 2,000,000 shares of $1 par common stock. During its first year of operations, Jane issues 600,000 shares for $10/share and buys back 200,000 shares for $11/share. After these first-year transactions how much stock is authorized, issued, and outstanding?

Select one:

Authorized 2,000,000 shares; Issued 600,000 shares; Outstanding 400,000 shares

Authorized 600,000 shares; Issued 600,000 shares; Outstanding 400,000 shares

Authorized 2,000,000 shares; Issued 400,000 shares; Outstanding 600,000 shares

Authorized 2,000,000 shares; Issued 400,000 shares; Outstanding 400,000 shares