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Nest Co. issued 100,000 shares of common stock. Of these, 5,000 were held as treasury stock at December 31, 20x1. During 20x2, transactions involving Nest's

Nest Co. issued 100,000 shares of common stock. Of these, 5,000 were held as treasury stock at December 31, 20x1. During 20x2, transactions involving Nest's common stock were as follows:

  • May 3 - 1,000 shares of treasury stock were sold.
  • August 6 - 10,000 shares of previously unissued stock were sold.
  • Novemeber 18 - a 2-for-1 stock split took effect

Laws in Nest's state of incorporation protect treasury stock from dilution. At December 31,20x2, how many shares of Nest's common stock were issued and outstanding? show the solution and explain.

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