Part III: Multiple Choice Santex Company has 500,000 shares of $2 par value common stock authorized. The company issued 50,000 shares at $5 per share. Santex rebought 2,000 shares for $4 per share. 1. How many shares does the company have authorized? a. 502,000 shares b. 450,000 shares c. 550,000 shares d. 400,000 shares 2. The amount of paid in capital from the issuance is a. $50,000 b. $144,000 c. $150,000 d. $200,000 3. How many shares are outstanding? a. 48,000 shares b. 52,000 shares c. 2,000 shares d. 50,000 shares 4. The amount of the common stock is a. $96,000 b. $150,000 c. $100,000 d. $250,000 5. The treasury stock of the company is a. 48,000 shares b. 52,000 shares c. 50,000 shares d. 2,000 shares 6. The amount to be deducted from the retained earnings is a. $6,000 b. $4,000 c. $8,000 d. $10,000